I would be very grateful if someone might be able to clarify the following:
In a situation where both PPR and Letting relief applies, does the PPR relief take precedence?
Scenario: Property owned for last 8.5 years, Actual occupation = first 7 years
Let out for last 18 months
Reason - bought 2nd house and couldn't sell first, now they wish to sell.
My assumption is that PPR would apply, under the last 36 months rule, and that we wouldn't need to apply letting relief unless it was let out for longer than 3 years. Am I correct?
Thank you very much for any reponses, your time is appreciated.