Mark McLaughlin looks at the distinction between occupying a dwelling as a ‘residence’ or to make a profit on sale following a short period of ownership.
The principal private residence (PPR) relief rules for capital gains tax purposes require a dwelling to have been a ‘residence’ of the individual to whom the gain accrues (TCGA 1992, s 222(1)).
What is a ‘residence’?
The term ‘residence’ is not defined in the PPR relief legislation. However, case law