Malcolm Finney looks at main residence relief on disposals by trustees and personal representatives.
The capital gains tax (CGT) legislation at TCGA 1992, ss 222 and 223, respectively headed ‘Relief on disposal of a private residence’ and ‘Amount of relief’, together provide for a gain accruing to an individual which arises on a disposal of a dwelling-house (or part thereof) to be treated as a non-chargeable gain, including any gain attributable to a disposal of up to 0.5 hectares of surrounding land (TCGA 1992, s 222(1)(b)).
The legislation extends this valuable treatment to disposals by trustees and personal representatives (PRs) (TCGA 1992, ss 225 and 225A respectively), but not all trustees and not all disposals by PRs.
Trustees: TCGA 1992, s 225
Gains made by
