The ‘period of ownership’ for principal private relief purposes was not the period between the acquisition of land (with a house which was demolished) on which a new house was built and the sale of the land with the house subsequently built, but the period between when the newly-developed house was completed and the date of disposal. 

Summary 

The ‘period of ownership’ for principal private relief (PPR) purposes was not the period between the acquisition of land (with a house which was demolished) on which a new house was built and the sale of the land with the house subsequently built, but the period between the newly-developed house being completed and the date of disposal. 

Background 

On 26 October 2010, the respondents (husband and wife) jointly purchased a freehold interest in land (8 Nuns Walk) for £1,679,000. Between October 2010 and March