Is letting relief restricted to upper limit of £40k per property?

Is letting relief restricted to upper limit of £40k per property or can each partners claim this figure against his share of gain?

Arthur Says

I have seen that a husband and wife are each allowed letting relief of £40,000 (Inland Revenue Manuals CG 64716), but I haven't seen that this is available to 'each person who has an ownership interest in the property'.

This means that if a husband and wife jointly own a property then both can claim upto £40,000 private letting relief.

Don’t forget that in order to make use of this relief on disposal of the property it must satisfy the following two conditions:

a)      It must have been classed your Principle Private Residence (PPR) at some stage when you owned it

b)      It must have been let out and tenanted.