Hi,
I am trying to calculate lettings relief for a house the I have owned from 2004-2020, I lived in it from 2004-2009.
i think I understand how to do it but I have particular question for a period of ownership when the flat was let -
In 2017-18, my brother was down on his luck so I rented him the flat paying a token rent of £50pm, the amount did not exceed the Private Residence allowance of £1000pa (on purpose), therefore I had no need to submit a tax return for this (so did not). I have a contract for this period to prove the letting to my brother.
Questions
1) Is there any minimum rent requirements for lettings relief to apply. (i.e does it need to be a market rent?)
2) I am assuming if i am selling the property I can't use the final 18 months PRP and rental allowance for the same period?
Thanks,
Pete
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