My clients owned 2 houses which were used as furnished holiday lets. The partnership profits were split 90% 10% as the wife did all of the cleaning, handover and dealing with any problems, although the houses are jointly owned.
They have now sold one of the properties. This was initially their house for 3 years so an element of PPR is available. However, as it was a holiday let they cannot claim lettings relief.
Are they able to claim entrepreneurs relief? I ask this because the partnership has not ceased, as they still have the other FHL.
If they can claim it, is it claimed against the full gain or is it restricted in any way because of the 90/10 split of partnership profits.
Thanks in advance for any help with this.
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