Private residence relief on property sales

An overhaul of tax rules on private residence relief (PRR) from April 2020 will reduce the final period exemption to nine months, hitting individuals who own more than one residential property which they have lived in as their main residence at any time. John Spencer-Silver, senior associate at Forsters LLP, explains

The outcome of the general election may not have brought about a wholesale change of government direction but with a Conservative majority able to push through Brexit by 31 January deadline, changes there will no doubt be, arising from changing political sentiment and Brexit events.

Even though the Conservatives did not put forward general tax rises in their manifesto, changes in aspects of capital gains tax (CGT) legislation had already been passed when the election was called.

Your free features:

  • Breaking news and expert analysis
  • Customisable daily newsletters
  • Six free CPD learning modules each year
  • Personalised CPD tracker
  • Top 75 Firms league tables
  • Regulatory changes
  • Hardman’s Tax Data

Sign up to Business & Accountancy Daily

Related Articles
Subscribe