Does there have to have been a period as PPR before the period of letting in order for a property to qualify for letting relief, or does a period as PPR at ANY TIME enable letting relief to be claimed on the property.
Calculation assuming that any period as PPR qualifies for letting relief:
Assume the property made £10k gain per year of ownership. If the property was lived in as PPR in the final year before the sale, then the PPR relief (incorporating final 3 year exemption) would equal £30k.
If this was the lowest figure out of those used to calculate letting relief (either £40k, the amount of gain due to letting, or the PPR relief already claimed), is this the figure (£30k) that would be used for letting relief, or would the letting relief only be equal to the single year that the property was actually the PPR (£10k relief).
Thanks for any help.