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  • FHL Period of Grace election

    Hi, can a period of grace election be claimed in the first tax year of new ownership? The property was an FHL in 22/23 (and many prior years) when owned by previous owner. Purchased 23/24 and did not meet the letting days in first 12 months of ownership (or 23/24 tax year for that matter). I note guidance says a property ceases to be an FHL when it is sold, so looking for clarification. Or whether under new ownership it can not be classed as an FHL until it meets all the criteria (ignoring the upcoming changes to FHLs!) Many thanks.