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The capital gains tax only or main residence exemption generally applies to only one residence. Advice is requested on the eligibility of a UK residence when married forces personnel and their families are living in married quarters in the UK or abroad. Does a formal election need to be made?
We act on behalf of various members of the armed forces. The usual scenario is that they are being sent to work abroad for a period of years their families will be accompanying them and we have been asked to prepare statements of rental income and expenditure in respect of their main residences.
I am wondering whether an election should have been made that their UK property should continue to be treated as their only or main residence for capital gains tax purposes. I realise that it should be made where a person goes overseas and say rents a property abroad but what is the situation where the army or navy provides the accommodation?
My understanding is that in some cases the quarters are provided with no rental charge and in others that a deduction is made from the pay of the armed forces personnel.
...Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
