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Letting relief on a property

Bthurlow92
Posts: 2
Joined: Sat Aug 12, 2017 3:13 pm

Letting relief on a property

Postby Bthurlow92 » Sat Aug 12, 2017 3:18 pm

Hi there,

We are currently looking to sell a property which we have owned for around 25 years or so. It was lived in by myself for around 4 years and then has been let out constantly since. However, the property is in my name but my parents have been receiving the rent (as beneficial owners) over that period. Could we still qualify for lettings relief ?

Many thanks

bd6759
Posts: 2273
Joined: Sat Feb 01, 2014 3:26 pm

Re: Letting relief on a property

Postby bd6759 » Sat Aug 12, 2017 10:46 pm

Your parents cannto claim any relief beciase they didnt live in it.

Curious you say "we" are selling a proeprty rather than "my parents" are selling a property.

darthblingbling
Posts: 100
Joined: Wed Aug 02, 2017 9:09 pm

Re: Letting relief on a property

Postby darthblingbling » Sun Aug 13, 2017 3:57 pm

I think he's trying to say, as your parents are beneficial owners, they would be liable for the CGT bill. As they have never lived in the property, they cannot claim PPR or lettings relief.
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Bthurlow92
Posts: 2
Joined: Sat Aug 12, 2017 3:13 pm

Re: Letting relief on a property

Postby Bthurlow92 » Mon Aug 14, 2017 2:06 pm

Thankyou


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