A type of joint ownership of property, where each owner is called a "joint tenant" and each owns the whole of the asset, rather than a distinct fractional share. When a joint tenant dies, the asset in question does not pass to his personal representatives as part of his estate. Instead, the asset (usually land, but can be a joint bank account or shares, for example) automatically passes to the surviving joint tenant(s). For inheritance tax and capital gains tax purposes, each joint tenant is entitled to an equal share in the asset.

It is one of two main types of joint ownership of property. The other is called a tenancy in common. It is possible to sever a joint tenancy and create a tenancy in common.

For these purposes, the word "tenancy" simply means ownership.