The following Private Client Q&A provides comprehensive and up to date legal information covering:
For the purposes of the Q&A, we have assumed that the so-called ‘50:50 rule’ applies to the income from assets held jointly by husband and wife (or, where appropriate, civil partners). The rule is that, subject to exceptions, such income is generally treated as belonging to the husband and wife equally and taxed accordingly (even if they have contributed to the acquisition of the income producing asset in unequal shares).
In appropriate cases, the parties may wish to declare that a greater share of the income goes to the spouse paying income tax at a lower rate than the other. If so, the declaration must relate to both the income and the capital, because the income cannot be shared in different proportions to the capital. Where the declaration is made
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This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having an intercreditor agreement and when an intercreditor agreement would be used instead of a deed of priority or subordination deed•provides links to
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