CG64940 - Private residence relief: ownership period: amount of relief

TCGA92/S223 (7)

Under Section 223(7) the period of ownership for the purpose of computing the amount of relief due under Section 223 cannot include any period before 31 March 1982. This applies to any disposal on or after 6 April 1988.

Previously, under Section 102(4) CGTA 1979 the period of ownership for the purpose of computing the amount of relief due under Section 102 could not include any period before 6 April 1965. This applied to any disposal before 6 April 1988.

The limitation of the period of ownership to periods after 31 March 1982 applies whether or not a rebasing election has been made under TCGA92/S35 (5), see CG16700+. There are examples which illustrate this at CG64944 and CG64945. Similarly, the earlier limitation to periods after 6 April 1965 applied whether or not any period before 6 April 1965 was taken into account for the purpose of time-apportionment, see CG15570+.