In year 1, the Mr A meets the hurdle rate on occupancy for the property to be defined as a FHL for tax purposes. However, despite a genuine intention to let the property he fall short in year 2, and 3. However, he can make an election for a period of grace in each of these years. Now, if he again met the occupancy hurdle rate in year 4, but fell short, can he make a period of grace election again or is there a limit to the number of times you can make this?
24th Jul 2012 10:35