Residential Let Property Exemption

[mybets@www.com]

I am anticipating an imminent property disposal which might generate a capital gain in the order of £70,000. The property was let from day 1 and vacant possession was achieved two months ago. I would like to consider ' the let property exemption' if possible. If the exemption can be utilised I can see that it would have a big impact on the CGT equation.
To date the property has never been mine or my family's 'main residence', but could I make it so ? Can we simply move in for a short time in order to qualify ? Can someone please tell me what is the authority for this exemption ? Is it true that the relief is available where the property was 'at some point' the main residence ? Can one therefore move into a property for one day / one month / one year in order to qualify ? Is there a qualifying period ? Is it correct to assume that 'main residence at some point' may therefore include the situation where someone moves in after the let period, not having lived there prior to a tenancy ?

[taxman]

Hello,

yes it is certainly possible to obtain the lettings exemption where the main residence is only took up after the period of lettings. However care must be taken that residence is actually established and not just temporary occupation. I have seen a tax planning scheme that used this principle.
Regards,