Period of grace in first year of FHL

Period of grace in first year of FHL

Didn't find your answer?

Where a letting wants to qualify as a FHL, but does not meet the letting criterion of 105 days, is it impossible to claim a period of grace election?

The election appears to only be possible where there was a qualifying previous year. For the first year of a let, this would clearly be impossible.

Thanks.

 

Replies (1)

Please login or register to join the discussion.

avatar
By Abacus Finch
08th Nov 2016 19:35

I'm no expert on grace, but the only stuff I've read says averaging helps in the first year if you have multiple properties, but the period of grace is intended to be there for foot and mouth crises and anomalous events, not really to allow properties to get up to speed. If you have counted 12 months since the start and it doesn't meet the criteria I guess it doesn't qualify :( yet :)

Thanks (1)