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DAVID JEFFERY highlights some planning points pertaining to capital gains tax main residence relief.
CAPITAL GAINS TAX has been with us for forty years and so has the only or main residence relief of what is now TCGA 1992, s 222, et seq. Of course, it is a commonplace and in most cases a straightforward relief; nevertheless, in practice there are borderline cases and opportunities for effective planning.
DAVID JEFFERY highlights some planning points pertaining to capital gains tax main residence relief.
CAPITAL GAINS TAX has been with us for forty years and so has the only or main residence relief of what is now TCGA 1992 s 222 et seq. Of course it is a commonplace and in most cases a straightforward relief; nevertheless in practice there are borderline cases and opportunities for effective planning.
Having dealt with numerous queries about the relief over the years I have become familiar with some of the more common misconceptions. So in the hope of clarifying some of these in particular with regard to the so-called 'election' by means of which a taxpayer can determine which of his residences will qualify for relief I am putting forward a list to highlight some of the problem points and opportunities.
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