Q. 1 How do I make a ‘section 222 election’?
I need to make a capital gains tax main residence relief election under TCGA 1992, s 222 as I have just bought a second home, which I would like to make my main residence. Do you know how I do this? Is there a standard template letter I can use?
Arthur Weller replies:
HMRC’s Capital Gains Manual at CG64520 states: ‘There is no statutory form for a notice under s 222(5) TCGA92 or for a variation of such a notice. However, the following conditions must be fulfilled:
- A nomination by an individual must be made to an officer of the Board and must be signed by the individual. The signature of an agent is not sufficient.
- Spouses or civil partners who are living together can only have one main residence between them for the purpose of private residence relief. If a nomination affects both of them, it must be made by notice in writing to an officer of the Board and must be signed by both of them…’
