Main Residence Relief

This detailed, clearly written guide to the well-known CGT relief offers fresh commentary on a topic that is familiar to many tax advisers but that contains numerous pitfalls for the unwary.

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About this work

With full reference to appropriate legislation (including recent changes) and relevant case law, the principles are illustrated with real-life scenarios and planning points.

The complexities of the relief are examined in depth, including the meaning of residence, the concept of the dwelling-house, the question of gardens and grounds, lettings relief, elections between different residences, restrictions, marital breakdown, trusts and personal representatives, etc.

“Extremely useful … a very well structured book.”  – AccountingWeb review of earlier edition.

“The style of writing is clear and concise. … This book enables the practitioner to get to the nub of the problem easily.” – LawSkills review October 2020.

Table of contents

• • Introductory material

• • Residence in context

• • Dwelling-house – meaning

• • Curtilage

• • Urban dwelling-houses and flats

• • Disposal of an interest in the dwelling-house

• • Exchanges of interest

• • Garden and grounds

• • Job-related accommodation

• • The relief in practice

• • Calculation of relief

• • Absence and deemed occupation [expanded by way of example]
    • Introduction
    • The last nine months of the period of ownership
    • Other periods [expanded by way of example]
      • Statutory overview
      • Any periods of up to three years
      • Unlimited periods of employment or office outside UK
      • Up to four years due to location of place of work
    • • Several periods of absence for different reasons

• • Delays in taking up residence

• • Lettings relief

• • Electing between multiple residences

• • Restrictions on relief

• • Divorce and dissolutions of civil partnerships

• • Trusts, settlements and personal representatives

• • Dependent relatives before 6 April 1988

• • Inheritance tax – residence nil-rate band