CG64943 - Private residence relief: ownership period: final period exemption

Although the period of ownership for s223 TCGA92 purposes is taken to begin 31 March 1982, residence before that date can give rise to relief. This will be so even if no part of the dwelling-house has been used as its owner’s only or main residence at any time after 31 March 1982. This is because s223(7) TCGA92 only limits the period of ownership for the purpose of s223 TCGA92, not for s222 TCGA92. A gain falls within s222 TCGA92 if the property has been used as the owner’s residence at any time in the period of ownership defined by s222(7) TCGA92, see CG64930 and CG64933. If the gain falls within s222 TCGA92 then s223(2) TCGA92 allows relief for the final part of the period of ownership, see CG64985.