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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
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Private residence relief: only or main residence: two or more residences: variation of a notice

A notice given under TCGA92/222 (5) can be varied by a further notice at any time. The further notice can be backdated to be effective from up to two years from the date that it was given.

A variation will often be made when a disposal of a residence is in prospect or the disposal has already been made and the individual making the disposal wishes to secure the final period exemption. See CG64985+.

For example, where an individual with two residences validly nominates house A, they may vary that nomination to house B at any time. The variation can then be varied back to house A within a short space of time. This will enable the individual to obtain the benefit of the final period exemption on house B with a loss of only a small proportion of relief of on house A.