Hello all,
I wonder if anyone has come across TCGA 1992, section 222A and how it potentially applies to disposals of UK property by non-resident trusts to a non-resident beneficiary and claiming PPR on the disposed property?
From what I can see provided that the trustees allow the beneficiary to occupy the property owned by the trust as stated in the deed of trust and that the property was at some point used as the beneficiary’s main residence then PPR is available and by virtue of section 225 of TCGA 1992, sections 222 to 224 shall also apply to the trustees and the beneficiary as applicable.
Therefore, am I correct in assuming that the trust and the beneficiary can retrospectively claim PPR under section 222A on any period while non-resident, so for non-qualifying tax years (and by virtue of the section also when resident)?
Many thanks.