18 July 2007
My clients have lived in their only or main residence for twelve years and have received planning permission for a loft conversion, which will have a separate entrance, and it will then be sold as a flat on a long lease.
Would only or main residence relief be available on the disposal, or would TCGA 1992, s 224(3) apply? Would renting the property for a period of time make any difference?
Readers' thoughts are welcome.
Query T17,041 – Flatman.
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