Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

A nomadic life

Do some of your clients change dwelling house as though moving from one oasis to another? RICHARD CURTIS warns that tax relief can dry up suddenly

KEY POINTS

  • The valuable relief in TCGA 1992 s 222.
  • Residence must be more than a ‘stop-gap’.
  • Was there a degree of permanence and continuity?
  • Is there credible evidence of permanent residence?

Establishing that a property has been used as an only or main residence – even for a short period – can yield dividends in that not only is tax exemption under TCGA 1992 s 222 et seq. due for that period of residence but also for some periods of absence the last three years of ownership and – to some extent at least – for periods of letting.

Particularly during periods of rising property prices which we in the UK seem to regard as one...

If you or your firm subscribes to Taxation.co.uk, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

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.

back to top icon