Flashcards in Chapter 22 PPR relief – further aspects Deck (2)
Lettings relief – available when the dwelling house has been let as residential accommodation during a period of absence. PPR will take priority over this though. Lettings relief is the lowest of three numbers:
• Lettings relief can never exceed the amount of PPR relief
• Lettings relief cannot be more than the gain arsing during the period of absence when the property was let out
• The maximum amount is £40,000
Letting relief cannot turn a gain into a loss.
Unable to reoccupy property – usually if an individual does not return to the property, the deemed occupation rules do not apply. However, if an individual is unable to reoccupy the property due to employment requiring them to work elsewhere, the period of absence can be treated as a period of deemed occupation.