Main home purchased Feb 1999 and weekend cottage August 2011. I am retired.
Hi again.I'm afraid that you have missed out on electing for one or other of your homes to be treated as your main home regardless of which one you spend more time in as such an election needs to be made within two years of the acquisition of a second property as you can read here. As things stand, the issue of which is your main home will be decided on the facts.The government is planning to withdraw the main residence election with effect from 6 April 2015, though the general election may get in the way of that. If the plan to withdraw the ability to make an election goes through, then the issue of which property is the main residence will be decided on the "demonstrable evidence" of the case. This plan is partly due to non-residents being taxable from 6 April 2015 on gains they make from the sale of UK residential property and partly because the main residence election has been abused in the past.I hope this clarifies your position but let me know if you have any further questions.
That is helpful. Thank you. Does the situation change for my circumstances which are that my wife died in August 2013 and she was a 50% owner? The property only became wholly mine then ie within the last 2 years.
If I can elect the weekend home as my main home and sell without CGT, what happens were I to sell my 'main' home later?
If the situation changes when the Budget is announced I shall be grateful for your advice.