I have a client with a second home, used as a holiday let for 15 years, then 5 years privately only.
On the face of it, CGT will be 28% on the whole gain as they dont meet the critera for ER.
Am I missing any time apportionment clause for the 3/4 of the period it was a holiday letting? I cant find any way of doing that.
Moreover on a wider question, if the trade was restarted so as to meet the FHL & ER rules, what legislation stops the claim for the WHOLE period? Ie including the past 5 years when it was merely a second home? Id assume we would need to do some sort of a/(a+b) comp for the business element but not sure if my brain is already on the weekend.