Section 225 | Private residence occupied under terms of settlement.
From legislation.gov.uk
(1)Sections 222 to 224 shall also apply in relation to a gain accruing to the trustees of a settlement on a disposal of settled property being an asset within section 222(1) where, during the period of ownership of the trustees, the dwelling-house or part of the dwelling-house mentioned in that subsection has been the only or main residence of a person (“B”) entitled to occupy it under the terms of the settlement, and in those sections as so applied—F1F2F3F4F5
(a)references to the individual shall be taken as references to the trustees except in relation to the matters dealt with in subsection (2),F6F7
(b)the notice which may be given to an officer of the Board under section 222(5)(a) shall be a joint notice by the trustees and B, andF8F9F10
(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;F11
but section 223 (as so applied) shall apply only on the making of a claim by the trustees.
(2)In sections 222 to 224, as applied by subsection (1), references to the individual, in relation to—F12
(a)the occupation of the dwelling-house or part of the dwelling-house,F12
(b)residence in a territory, orF12
(c)meeting the day count test,F12
are to be taken as references to B.