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HMRC internal manual

Capital Gains Manual

Private residence relief: rules for disposals made on or after 10 December 2003: trustees

  • If the disposal is made on or after 10 December 2003 the trustees must claim relief. Because the relief is no longer mandatory any loss on the disposal will be an allowable loss.
  • The trustees cannot claim relief on a disposal (the later disposal) if the acquisition cost of the property has been reduced by a gift hold-over relief claim under TCGA92/S260 made by any person on an earlier disposal. See CG65441 to CG65443.
  • Special transitional rules may allow some private residence relief to be claimed by the trustees if gift hold-relief under TCGA92/S260 is given in respect of a transfer to the trustees which was made before 10 December 2003 (see CG65444).
  • There is an exception to the new rules in the case of funds for the maintenance of historic buildings (see CG65447).