The Finance Bill 2004 received Royal Assent on 17 July 2014 and so has now become the Finance Act 2014.
Section 58 Finance Act 2014 brings into law the reduction in the period that an individual is deemed to occupy your home from the last 3 years to now only the last 18 months of ownership.
The last 3 years rule of deemed ownership does still apply in circumstances applicable to disposals undertaken by disabled persons and their spouses or civil partners or persons in care homes. Personal circumstances and timings of disposals are critical in this area as it is very easy to fall into the 18 month rule and lose your entitlement to the 3 year rule resulting, potentially, in a disproportionate gain arising.
If you are considering a disposal of a property that you have not lived in throughout your ownership as your principal private residence then you should seek tax advice, prior to any sale.