Hopefully someone can clarify my understanding of the rollover relief available on the exchange of land between two people who currently hold it as joint tenants.
Basically two brothers are going to swap half of a plot they own with each other. They will then build a house on the land and live in their new houses.
I understand rollover relief as per TCGA 1992/S248A is available apart from on excluded land (S248C)
'Land is excluded to the extent that it is a dwelling house used as the landowners only or main residence such that on disposal at any time during the 6 years after the date of the acquisition of the acquired interest the whole of part of the gain is relieved under the PPR provisions.
Does this mean they cannot move in for six years after acquisition or that they cannot sell within six years?