Hello, could someone let me know please if Letting Relief from CGT only applies where the tenancy was on a commercial basis and if so what constitutes a commercial basis.
Situation is that when I moved out of my flat when I got married I let it to a friend initially at £100 per week plus bills then after 6 months or so at £600 a month plus bills. No formal legally drawn up tenancy agreement but we had a detailed email exchange saying who was responsible for what bills (I paid water rates and service charge, she paid everything else), notice periods etc. £100 per week being less than market rent, £600 per month being more or less market rent, I might have got £750 or so if I had marketed via an agent.
Are the revenue likely to query this as un-commercial and if they do does it mean Letting Relief does not apply?
Thanks
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