Is letting relief restricted to upper limit of £40k per property?
Is letting relief restricted to upper limit of £40k per property or can each partners claim this figure against his share of gain?
I have seen that a husband and wife are each allowed letting relief of £40,000 (Inland Revenue Manuals CG 64716), but I haven't seen that this is available to 'each person who has an ownership interest in the property'.
This means that if a husband and wife jointly own a property then both can claim upto £40,000 private letting relief.
Don’t forget that in order to make use of this relief on disposal of the property it must satisfy the following two conditions:
a) It must have been classed your Principle Private Residence (PPR) at some stage when you owned it
b) It must have been let out and tenanted.
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