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HMRC internal manual

Capital Gains Manual

Land: tenants in common

Where land is held by ‘tenants in common’, which includes land held on a trust for sale, (see CG70504), each tenant is the sole owner of a fractional share in the whole land. On the death of one of the tenants in common, their fractional share passes to their personal representatives; it does not pass to the surviving tenants in common.

It will not necessarily be the case that tenants in common will have equal interests in the land; they may have unequal interests, for example one tenant may have a 75% interest, the other a 25% interest. Taking this example, on a sale of the land, the first will be entitled to 75% of the net sale proceeds, the other will be entitled to 25% of those proceeds.