HMRC published a consultation on 1 April 2019 on changes to principal private residence (PPR) relief which were originally announced in the 2018 Budget. Historically PPR has only applied to that part of a dwelling that has been used as the owner’s only or main residence and has potentially been a very useful relief because when the conditions are met, all (or part) of the gain arising on the disposal of an individual’s main residence is exempt from Capital Gains Tax (CGT).
The principal points arising from the Consultation are set out in our Briefing Note entitled ‘CGT- New Restrictions on Principal Private Residence Relief Consultation now published‘.
Those affected should seek advice from a member of our Wealth Planning team.
