Resuming residence

The last words of the penultimate sentence of TCGA 1992, s. 223(3) deny its benefits unless there is ‘a time’, both before and after the period concerned, when the property is the taxpayer’s only or main residence. (This feature offers an opportunity for those with losses, as discussed at ¶100-010.)

Where there is more than one factual residence it seems that the rule can be met by a s. 222(5)(a) election in favour of the property concerned, but it should be a factual residence during the ‘time’ in question.

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