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CGT on Let Property, antecedent Main Home. Uk tax advisor needed.

In Nov 2010, my mate and that I sold a flat that we tend to had been lease for some years once antecedent living in it as our main home. Here square measure the details: March 1995 I bought it for £70,000. Gregorian calendar month 2006 Flat place into joint names and valued at £200,000, obtainable for let. Nov 2011 Property sold for £240,000. thus am I right in thinking that on behalf of me, the suitable gain is £120,000 £70,000 = £50,000 (ie [*fr1] the sale worth minus the first purchase price)? And for my mate, the suitable gain is £120,000 £100,000 = £20,000? Also, as a result of the flat was our main residence before we tend to let it, we tend to solely pay tax on a low proportion of the gain: on behalf of me, solely twenty out of a hundred and forty months count, thus solely 14 July of the £50,000 ie £7,000. As this is often below the exempt quantity, do I even have any tax to pay at all? For my mate, I am unsure what true is. it had been her main residence for regarding 5 years before we tend to removed, however the property was solely place into her name as we tend to left. will that entitle her to residential relief? If not, however ought to we tend to treat it? If she will, she would get thirty six out of fifty six months, going away 20/56 to pay = thirty fifth. during which case, her gain is simply thirty fifth x £20,000 = £7,000, thus another time below the exempt quantity and no tax to pay?Want help from any UK tax adviser Who is good with these tax questions.

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