When is your home not a home?
In a recent case HMRC tried to deny capital gains tax private residence relief where an individual bought a property “off-plan” arguing that the ownership period started from when the contract was signed, not when there was a property that could be occupied. Fortunately common sense prevailed. Ownership here refers to the dwelling!
If there is a delay moving into a property while it is being renovated, there is a concession which treats it as occupied for capital gains tax private residence relief for up to 12 months or in special circumstances 24 months.