Private Residence Relief (PRR) And Delayed Occupation

Q- Relief under s 222 TCGA 1992 will be available in full to relieve any gain from being chargeable. However, this is only the case if the dwelling-house has been the individual’s main residence throughout the period of ownership. Under s 223(1) TCGA 1992 the last 18 months are deemed to be a period of occupation whether or not actually occupied.

Just before completion of the purchase of a house, there is a flood in the property and this delays occupation. The legislation provides no relief for a period of non-occupation on the acquisition of the property. So does this mean that full relief for the main residence will be denied on a later sale?

A. Where there is a delayed occupation of a main residence there is relief in the form of an Extra-Statutory Concession which is ESC D49.

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