Elderly clients have bought a flat and will move in shortly, still need to sell existing property (house) which have lived in for over 40 years. Given the state of the housing market and the fact house needs work it may be a while before they can sell. Can anyone point me to more detailed guidance on elections for principal private residence relief in circumstances like this? I thought I had read somewhere that where a house was up for sale there was a year's grace before an election was necessary but can only find fairly general guidance on HMRC website. The house has not been rented out or used for business purposes. There are separate issues about possible separate sale of the garden but I have guidance on that.
29th Jun 2011 12:15