I purchased a buy to let property in 1994. Between 2001 and 2002 I lived in the flat, and since then it has been rented out. I now wish to sell the property for £200,000. The purchase price was £39,000. Would I qualify for any lettings relief?
Arthur Weller replies:
Since the flat was for a period of time your qualifying principal private residence, you are eligible for a certain amount of lettings relief when you sell it, see www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg64650 and www.gov.uk/hmrc-internal-manuals/capitalgains-manual/cg64710.