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My client is in the process of selling a property previously occupied as his only or main residence, but more latterly occupied rent free by his mother. There is a measure of capital gains tax relief available under TCGA 1992, s 223 and, it would appear, lettings relief should be available under s 223(4) thereof, on the basis that the previous dwelling house has been wholly let as residential accommodation.
My client is in the process of selling a property previously occupied as his only or main residence but more latterly occupied rent free by his mother. There is a measure of capital gains tax relief available under TCGA 1992 s 223 and it would appear lettings relief should be available under s 223(4) thereof on the basis that the previous dwelling house has been wholly let as residential accommodation.
I am just a little uncertain about the availability of the additional lettings relief since occupation by the mother was clearly not on a commercial basis nor at arm's length although s 223(4) refers only to property being let as residential accommodation.
The matter may turn upon the definition of 'let' in this context and I wonder whether this may necessarily involve some payment of rent and therefore constitute something distinct from occupation.
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