This House was bought to ultimately give to our son becuse of IHT. We were abroad and stupid and did not buy it in his name as we should have done. He has lived in it rent free for several years whilst studying to be a Vet. which he became 3 years ago. It is his prime (only) residence but neither my wife or I have ever lived in it except for odd days.
The solution our accountant friend sugests is novel but CGT case law and /or legal challenges HMRC have made may already preclude it.
We are trying to establish if it is already blocked and then what the implications for Stamp duty might be. (At present a simple transfer has no Stamp duty because the house is owned by my wife outright with no mortgage.
If we occupied it now, how long do we need it as our prime residence to obtain lettings relief?
Does this have implications for the status of our main property once we returned to it? It would be unrented while we lived at the Potters bar house.
Regards ***** *****