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Elections when two residences are available seem to cause problems. RICHARD CURTIS considers some aspects and possible solutions
Elections when two residences are available seem to cause problems. RICHARD CURTIS considers some aspects and possible solutions
KEY POINTS:
- The 'classic' two residences scenario
- Will an inter-spouse transaction trigger the need for a main residence election
- Is it necessary to rent a third property to trigger and election point?
- What would be the effect of a period of non-residence in a property?
- The difference between dwelling house and residence
- The proof of the pudding — making sure there is evidence of main residence
I think it would be fair to say that questions about only or main residences and their capital gains tax implications seem to make up a disproportionate amount of the queries that come into our Readers Forum.
'Disproportionate' may be too strong a word as speaking...
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