Sorry just having an unexplained panic and would appreciate someone agreeing the following is correct.
Married couple bought property 18 years ago, lived in it for 9 then rented it for 9. Have now sold it for a gain of 200,000.
I will do this more fully in months but for gist can I confirm PRR is 9 years plus 18 months
Lettings relief is lower of 200,000 x 7.5 / 18=83,333
£40,000 each = £80,000
or the PRR of 200,000 x 10.5/18 =£116,000
So the lowest of those is £80,000.
So the gain would be
200,000
-116,000
-80,000
4000 which would be covered by the annual exemption.
Thanks for your help. I am more and more doubting myself on things and finding having no one to bounce off stressful.