Legal Background to Trusts and Estates: Tenants in common
Where tenants in common hold land, each has absolute ownership of a fractional share of the whole. When a tenant in common dies his fractional share passes to his personal representatives as part of his estate. It does not pass to the other tenant(s) as it would under a joint tenancy (TSEM6306).
For CGT purposes, when the property is sold, each tenant is entitled to his fractional share of the net proceeds (CG70500 – CG70503).