My wife inherited a property on 2nd January 1995 with probate value of £22000. On 1st August 2009 she gifted me half, and property was worth £125000.
The property was sold for £135000 on 2nd August 2015. The property was our private residence from 2nd January 1995 through to 5th August 2007. It was then occupied rent free by my wifes son through to the date of sale.
My questions are as follows:
a) is letting relief available under the above circumstances, bearing in mind no rent was actually received
b) my understanding is that my acquisition cost will be half of the original probate value. However am I entitled to some private residence exemption, bearing in mind my acquisition value is different from my acquisition date.
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