CG64943 - Private residence relief: ownership period: final period exemption
Although the period of ownership for Section 223 purposes is taken to begin at 31 March 1982, residence before that date can give rise to relief. This will be so even if no part of the dwelling house has been used as its owner’s only or main residence at any time after 31 March 1982. This is because Section 223(7) only limits the period of ownership for the purpose of Section 223, not for Section 222. A gain falls within Section 222 if the property has been used as the owner’s residence at any time in the period of ownership defined by Section 222(7), see CG64930-CG64933. If the gain falls within Section 222 then Section 223(2) allows relief for the final part of the period of ownership, see CG64985.