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Main residence relief
A client of ours has let a property for two-and-a-half years and this has also yielded a substantial gain. In order to extinguish or mitigate the gain, he is intending to live there for six months as his main residence, sell it and then claim the last three years of ownership as tax free.
Our queries are as follows.
Main residence relief
A client of ours has let a property for two-and-a-half years and this has also yielded a substantial gain. In order to extinguish or mitigate the gain, he is intending to live there for six months as his main residence, sell it and then claim the last three years of ownership as tax free.
Our queries are as follows.
* Does he have to elect that this is his main residence or will the facts alone support such a claim (he has another main residence which he will let for six months or just leave unoccupied)?
* Will this succeed and, if so, presumably future properties could be dealt with in this way?
Readers' comments or suggestions would be most welcome.
(Query T16,532)
