I have a client who owns a large house (property A) where he has lived for the past ten years. This house is in his sole name.
Five years ago he bought another house (property B) which he owns jointly with his partner (he subsequently married her last month). This property cost £750 000 and he planned to live there when he retired. He has just spent £250 000 doing it up only for his wife to say that she does not want to live there.
I understand that he had two years to inform HMRC of electing which property should be his only or main residence. He has presumably missed this deadline.
He has now put property B on the market and it is worth £1.5 million. If he lives in property B for between one and six months can he elect for this property to be his...
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