[F1(1)]Sections 222 to 224 shall also apply in relation to a gain accruing to [F2the trustees of a settlement] on a disposal of settled property being an asset within section 222(1) where, during the period of ownership of [F3the trustees], the dwelling-house or part of the dwelling-house mentioned in that subsection has been the only or main residence of a person [F4(“B”)] 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 [F5the trustees] except in relation to [F6the matters dealt with in subsection (2),]
(b)the notice which may be given to [F7an officer of the Board] under section 222(5)(a) shall be a joint notice by [F8the trustees] and [F9B, and]
[F10(c)the notice which may be given by the trustees under section 222A is effective only if it is accompanied by written notification from B agreeing to the terms of the notice;]
[F11but section 223 (as so applied) shall apply only on the making of a claim by the trustees].
[F12(2)In sections 222 to 224, as applied by subsection (1), references to the individual, in relation to—
(a)the occupation of the dwelling-house or part of the dwelling-house,
(b)residence in a territory, or
(c)meeting the day count test,
are to be taken as references to B.]
Textual Amendments
F1S. 225 renumbered as s. 225(1) (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(2)
F2Words in s. 225 substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(2)(a)
F3Words in s. 225 substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(2)(b)
F4Word in s. 225(1) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(a)
F5Words in s. 225(a) substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(3)
F6Words in s. 225(1)(a) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(b)
F7Words in s. 225(b) substituted (with effect in accordance with Sch. 22 para. 7(1)(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(4)(a)
F8Words in s. 225(b) substituted (with effect in accordance with Sch. 22 para. 7(1)(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(4)(b)
F9Words in s. 225(1)(b) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(c)
F10S. 225(1)(c) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(d)
F11Words in s. 225 inserted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(5)
F12S. 225(2) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(4)