The Taxation of Chargeable Gains Act 1992, s. 223(1) effectively exempts from CGT a gain which falls within s. 222 (see ¶20-015) and the exemption is total if the property has been the OMR (either in fact or by election) throughout the period of ownership. It is, therefore, necessary to define this concept and the legislation does this both by reference to the legal interest which has subsisted and the period of time which the relief covers.

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