VATLP04210 - Taxable person: land and buildings owned by more than one person: Background
In England, Wales and Northern Ireland, land that is owned concurrently by more than one person is held on trust for the benefit of the co-owners. The legal title to the land is owned by the trustees, and the right to derive income from the land (the beneficial ownership) remains with the co-owners. (바카라 사이트śLand바카라 사이트ť includes the buildings on the land.)
The position is different in Scotland, where the land does not have to be held on trust for the benefit of the co-owners.
This is a difficult concept to grasp, and is perhaps best illustrated by a practical example: where A and B jointly purchase property which is conveyed into the name of A, A holds the property on trust for both A and B. The legal title to the land is owned by A, while A and B are co-owners of the beneficial interest. This is just one possible scenario - the identity of the trustees and beneficiaries in any co-ownership situation will depend upon how the land was acquired, and how it is to be held.