I have given the usual PPR and lettings relief against the gain on sale of a guest house. During the life of the business, it was, or course treated as a trade, but when it is sold it has the advantage of the lettings relief. However, as a trade I believe the final net gain should qualify for ER, but it seems to me like the client would be having his cake and eating it to get both lettings AND ER. Can't find the answer in manuals. Anyone have the definitive answer out there?
Thank you.
Replies (2)
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i'm sure I'm being dumb.....
I can see why PPR relief applies, but where does the lettings relief come from?
Regards
MtF