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Election date

10 September 2008
Issue: 4175 / Categories: Forum & Feedback
Main residence elections

We act for a married couple who 'buy to let'. They own several investment properties and also their main residence which they are currently renovating. Approximately six months ago to facilitate the renovation works on their main residence they moved to another residence that they own and which they intend to sell in 12 months time. A significant gain may arise on that property.

Do they need to make a formal election for this property to be their new only or main residence from six months ago or are the facts self explanatory; if not when and how should any election be made?

Taxation readers' thoughts are welcomed.

Query 17 268 — Letterman.

Reply by T.J.:

It is the invariable advice of the writer's firm that an only or main residence election under TCGA 1992 s 222 (5) should be made as soon as...

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