Second homes
Second homes ownership frequently takes the form of a city flat that is used during the week and a country dwelling for the weekends. In this case, both are used as residences and you have the option to elect one or other as your principal residence.
This choice must be made within two years of the date of purchase of the second home, but, once made, it can be altered later. It enables you to get the principal private residence relief from CGT on the property that shows the greatest gain over the period of your ownership when you decide to sell.
For more details regarding tax liabilities and property, HM Revenue & Customs has prepared a pdf download HERE