If you’re selling a property, Principal Private Residence Relief (PPR) needs to be on your radar. Talk to us about how PPR can reduce or eliminate your capital gains tax liability.
Paying capital gains tax (CGT) on the sale of a property asset can be a necessary but expensive liability. The good news is that Principal Private Residence Relief (PPR) is available and may help you reduce (or in some cases eliminate) that CGT cost.
Let’s take a look at the rules around PPR and how you qualify to make use of this relief.
Principal Private Residence Relief ensures that any capital gain arising on a property that is your main or only residence is free of capital gains tax.
If you acquire a second property, you have two years from the time of acquisition to nominate which property should be treated as your principal private residence (main residence).
However, if you’re the owner and are absent from the property, gains related to that period (on a pro-rata basis) may be chargeable to CGT.
Buying a property is a significant life event, where couples may well buy a property together, in both their names. If you’ve bought a house as a couple, it’s important to note the PPR rules.
For many taxpayers, PPR relief is the main CGT relief that will affect them.
Where the property being sold has not been continuously occupied as the main residence throughout the period of ownership, application of the rules around deemed occupation can have a significant impact on the amount of CGT you end up paying.
It may be that your property situation is extremely straightforward – for example, you only own one property at any time, in which you live throughout your period of ownership. But for any other more complex property arrangements, it makes good sense to check with your accountant about any potential capital gains issues – and how they can be minimised.
Get in touch to talk through your property plans or visit our office to have free initial consultation without any obligations. Let’s find out how we can help from The Stan Lee for your CGT matters.
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