Private residence relief: letting: jointly owned residence
A dwelling house which is jointly owned by a husband and wife is sold in 2014 at a gain to each of them of £75,000. It has been lived in by them as their only or main residence throughout their period of ownership. A proportion of the property, agreed at 60 per cent has been let throughout the period as residential accommodation.
The computation is
|private residence relief||30,000||30,000|
|relief under TCGA92/S223(4) limited to the lowest of:||private residence relief £30,000|
|gain arising by reason of the letting £45,000|