.png)
.png)
Deemed periods for the purpose of claiming only or main residence relief
KEY POINTS
- The deemed periods of occupation for exemption from capital gains tax are in TCGA 1992 s 223(3).
- Up to £40 000 of lettings relief may also be available.
- The interaction of only or main residence and a capital loss on the property.
- Obtaining evidence of occupation can be difficult but is important.
Rarely does a week go by without my covering a tax case on only or main residence relief during a lecture.
Such cases nearly always centre on whether the owner has ever occupied the property as a “residence” with a sufficient degree of permanence (or intended permanence) to enable the final 36 months of ownership (or the final 18 months for most disposals after 5 April 2014) to be treated as “deemed occupation” and thus exempted by only...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
