SCHEDULE 22 Chargeable Gains: Private Residence Relief
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 22 Chargeable Gains: Private Residence Relief

Section 117

Relief on disposal of private residence

1

(1)     Section 222 of the Taxation of Chargeable Gains Act 1992 (c 12) is amended as follows.

(2)     In subsection (5)(a) (notice to inspector to determine which of two or more residences is individual's main residence) for “the inspector†(on both occasions) substitute “an officer of the Boardâ€.

Amount of relief

2

(1)     Section 223 of the Taxation of Chargeable Gains Act 1992 is amended as follows.

(2)     In subsection (4) (dwelling-house let as residential accommodation) in paragraph (a), omit the unnecessary words “or those provisions as applied by section 225â€.

(3)     After subsection (7) insert—

“(8)     This section is subject to—

(a)     section 224 (amount of relief: further provisions), and

(b)     section 226A (private residence relief: cases where relief obtained under section 260).â€.

Amount of relief: further provisions

3

(1)     Section 224 of the Taxation of Chargeable Gains Act 1992 (c 12) is amended as follows.

(2)     In subsection (1) (gain accruing from disposal of dwelling-house part of which is used exclusively for purposes of trade etc: relief to apply only to portion of gain) for “accrues from†substitute

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