Part VII Other property, businesses, investments etc.

Private residences

225 Private residence occupied under terms of settlement.

Sections 222 to 224 shall also apply in relation to a gain accruing to F1the trustees of a settlement on a disposal of settled property being an asset within section 222(1) where, during the period of ownership of F2the trustees, the dwelling-house or part of the dwelling-house mentioned in that subsection has been the only or main residence of a person entitled to occupy it under the terms of the settlement, and in those sections as so applied—

(a)

references to the individual shall be taken as references to F3the trustees except in relation to the occupation of the dwelling-house or part of the dwelling-house, and

(b)

the notice which may be given to F4an officer of the Board under section 222(5)(a) shall be a joint notice by F5the trustees and the person entitled to occupy the dwelling-house or part of the dwelling-houseF6; but section 223 (as so applied) shall apply only on the making of a claim by the trustees.