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Private residence relief and letting relief applicable on the sale of property
A widow sold a residential property in March 2016 for £220 000. This was a residential letting other than for 28 months from April 2000 to July 2002 when it was the main residence for both her and her husband.
The property was owned by the husband from 31 March 1982 and valued at £29 000 until he gifted it to his wife in March 1998. The wife transferred this back to him in August 2008 and then in January 2011 it was transferred into joint names as tenants in common. The husband died in June 2013 when the property was valued at £170 000. His 50% share was then transferred by way of assent to her and on the same day a declaration of trust was completed so that the property became an asset of a farming partnership with her son. The widow is entitled to the capital profits...
