Section 225 | Private residence occupied under terms of settlement.

(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, and^F8F9F10

(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, or^F12

(c)meeting the day count test,^F12

are to be taken as references to B.