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The picture that emerges from cases of only or main residence relief
KEY POINTS
- Only or main residence relief is probably the most valuable tax relief for the majority of taxpayers.
- Tribunal cases can illustrate the limits of the relief.
- There must be evidence of permanence and continuity of residence.
- The importance of compelling evidence.
- Intention to occupy on its own is insufficient to succeed in a claim under TCGA 1992 s 222.
The Readers’ Forum of Taxation cover a wide variety of subjects. One common thread is queries on the application of the capital gains tax only or main residence exemption.
Obsessed as we appear to be in the UK with property and property prices such questions crop up continually. Instead of struggling against the current perhaps it therefore makes sense to go with the flow...
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