Richard Curtis explains that quality rather than quantity can be essential when determining whether a property is an only or main residence.
That our home is our castle has long been a basic principle of British common law, allowing the owner to prevent entry to their home.
For tax purposes, we could perhaps say that this is espoused in TCGA 1992, s 222 et seq., which prevents a capital gains tax liability arising on the disposal of an only or main residence. It is one of the most valuable and commonly used tax reliefs, but the possibility of exempting the largest capital gain that many of us will make means that the limits to the relief are constantly being tested, and the recent First-tier Tribunal (FTT) decision in Hussain v Revenue and Customs [2022] UKFTT 13 (TC) is the latest example of this.
Background
The Mansfield General Hospital (the
