Gains are exempt in so far as they relate to an individual’s only or main residence (see ¶540-050). For many people the situation is clearcut, as at any one point in time they have an interest in only one residence. Where a person has two or more residences, for example a flat in town and a house in the country, the question as to which is his main residence may not be so easy to decide. As noted below, the matter may sometimes be determined by notice given by the taxpayer. In the absence of such notice, the issue must be resolved on the facts, with some guidance from case law.

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