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DEAN WOOTTEN goes back to basic principles with lettings relief.
WHERE THE CONDITIONS of TCGA 1992, s 222 'Relief on disposal of private residence' are met, the gain on the sale of a property may be reduced in whole or part by only or main residence relief. After applying this relief, any remaining gain may be reduced by a letting exemption under s 223(4) . This article will consider the, often valuable, letting exemption and offer opinion on a favourable interpretation of the exemption. Statutory references are to the TCGA 1992, unless otherwise specified.
DEAN WOOTTEN goes back to basic principles with lettings relief.
WHERE THE CONDITIONS of TCGA 1992 s 222 'Relief on disposal of private residence' are met the gain on the sale of a property may be reduced in whole or part by only or main residence relief. After applying this relief any remaining gain may be reduced by a letting exemption under s 223(4) . This article will consider the often valuable letting exemption and offer opinion on a favourable interpretation of the exemption. Statutory references are to the TCGA 1992 unless otherwise specified.
Calculation of relief
Before considering the mechanics of the letting exemption it is best to recap the only or main residence relief.
This relief is the indexed gain multiplied by periods of occupation divided by the total period of ownership. In this context 'occupation' means both actual occupation and...
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