CG64931 - Private residence relief: ownership period: qualifying for relief

Under TCGA92/S222 (7) the period of ownership begins at the date of the first acquisition on which expenditure is incurred which would have been deductible in computing any gain. For example, a person first occupies her residence paying rent under a tenancy, but incurring no capital expenditure. She then later buys the freehold. Her period of ownership begins with the acquisition of the freehold. An example of this is given at CG64932 below.