Private Residences
Main residence relief (also known as ‘principal private residence’ relief (PPR)) provides relief from capital gains tax on the disposal of (or of an interest in) a dwelling which has been the individual’s only or main residence, and on land enjoyed with that residence as its garden or grounds up to half a hectare, or more if the additional land is required for the reasonable enjoyment of the property.
The relief is time apportioned for periods of occupation, and for certain periods of deemed occupation. In particular, relief for the final 9 month period of ownership is given, if the property was at some time the individual’s only or main residence.
Where two or more properties are owned, the taxpayer may elect, within certain time limits, which property is to be treated as his main residence.
Married couples and civil partners may have only one main residence at any time between them which qualifies for the relief.
BLOG POSTS
Posted on Mon, 3 Aug 2015
Posted on Mon, 3 Aug 2015
Posted on Wed, 29 Jul 2015
TWITTER
Tweets by @OWSupportLATEST TAX TIPS AND NEWS
It has been revealed that companies across the UK have paid £95.2 billion in Business taxes in the financial year just finished (23/24) - a rise...
Baroness Ros Altmann, a leading campaigner on pensions, has highlighted her fears after figures showing that the number of pensioners liable for tax...
Business owners need to be aware of a batch of new laws that have just taken effect covering employees' rights....
The saga over whether HMRC will axe its tax helpline continues to rumble on, with the latest comments suggesting it may still close after all....
Q: I've started a new job quite recently with a hybrid working arrangement. I work from home 3 or 4 days per week,...
5th Companies House fees are increasing due to the recent introduction of the ECCTA....