Client bought a property on 30/4/10 for £100K as his PPR. Lived there until 30/6/10, then is used as a Furnished Holiday Let (satisfied all the criteria). Then sold 31/3/16 for £250K.
In my mind, the gain of £150K firstly needs to be calculated after giving the PRR. I assume Lettings Relief is not available (or is it?), and so the gain will need to be split into periods of exemption (actual residence and final 18 months), then the taxable gain after reliefs is split again (according to time) between non-business asset and business asset, and the 18%/28% rate applied to the former and the 10% ER rate applied to the latter?
Is my methodolgy correct? I can't find it specifically referreed to in the HMRC manuals nor on any online resources.