Joint capital?

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  • #23439
    arenton
    Participant

    Hello folks,

    I wonder if i can ask for advice on the following.

    We have a 2 separate claims at the one property. The claims are from twin brothers who share the house. They have a joint bank account. Recently one brother received £10 000 as a lump sum from a private investment. This was deposited in their joint bank account. When this change was processed we felt we had to split the capital between the 2 brothers as it was a joint account. This had no effect on either claim.

    My question is- is that correct?- or (because the £10 000 cheque was for one brother only) should we have left all the capital on his claim, ignoring the fact it is in a joint account.

    Any advice/views would be gratefully received.

    #12536
    David
    Participant

    I think your treatment of the capital is correct. As both brothers have access to the account, they have a beneficial interest & the capital is therefore treated as being in equal shares (HB reg 51)

    #12537
    Anonymous
    Guest

    Co-incidence I am currently ploughing through CIS 7097/95. If the brother can show that the capital he owns is held in an undivided share, he can argue that each co-owner is entitled to his own share.
    I think your case is very clear cut and the assets should be considered seperately.

    #12538
    arenton
    Participant

    Okay Folks,

    Thanks very much for your replies.

    Cheers

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