Section 225 — Taxation of Chargeable Gains Act 1992: Private residence occupied under terms of settlement.

Private residence occupied under terms of settlement. 225 1 Sections 222 to 224 shall also apply in relation to a gain accruing to the trustees of a settlement on a disposal of settled property being an asset within section 222(1) where, during the period of ownership of the trustees , the dwelling-house or part of the dwelling-house mentioned in that subsection has been the only or main residence of a person (“B”) entitled to occupy it under the terms of the settlement, and in those sections as so applied—

a references to the individual shall be taken as references to the trustees except in relation to the matters dealt with in subsection (2),

b the notice which may be given to an officer of the Board under section 222(5)(a) shall be a joint notice by the trustees and B, and c the notice which may be given by the trustees under section 222A is effective only if it is accompanied by written notification from B agreeing to the terms of the notice; but section 223 (as so applied) shall apply only on the making of a claim by the trustees .

2 In sections 222 to 224, as applied by subsection (1), references to the individual, in relation to—

a the occupation of the dwelling-house or part of the dwelling-house, b residence in a territory, or c meeting the day count test, are to be taken as references to B.