B T L property final 18 months’ and s223 relief
I would appreciate your guidance. Clarification needed regarding the final 18 months (was 36 months for the disposal before 5.4.16) & regarding 3 years’ deemed occupation.
My son bough his 1st house in January 2007 and he occupied it for initial 3 months. Then it was let since April 2007 till March 2016. Then my son occupied it from 1.4.16 till 18.11.16 when it was sold with considerable Capital gain.
My son is eligible for the relief for the initial 3 months as he was living there and he is due a relief for the final 18 months. He moved in the property when the tenants left from 1.4.16 thus occupied the property for the final 7.5 months. This actual occupation for 7.5 months is covered within the final 18 month’s relief or is the 18 month’s relief allowed on top of the actual occupation at the end of the ownership?
Also can my son claim relief for the "three years’ absence from the property for any reason" (s 223 (3) (a))? Although he was living with us when the property was let.
Secondary question is about Let relief: which is going to be the lower of 3 criteria, the relief about “occupation”. Is this, again, for 3 months plus 7.5 months (for actual time he lived in) or for 3 months plus final 18 months plus the deemed 36 months (if that is allowed) ?
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