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The interaction between main residence relief and entrepreneurs’ relief is examined by KEVIN SLEVIN
KEY POINTS
- The priority between main residence and entrepreneurs’ relief.
- Using part of the main residence exclusively for business purposes.
- Is there a cessation of the business when the property is disposed of?
- The effects of joint property ownership.
- Some unexpected results of the interaction of the two reliefs.
Capital gains tax applies to chargeable gains computed in accordance with TCGA 1992 s 1 and all future references are to this Act.
Where s 222 applies all or part of the gain arising to an individual on a disposal of either:
- a dwelling house which has been used at some time during his ownership as his only or main residence; or
- land which he has held for his occupation and enjoyment with...
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