Principal Private Residence ("PPR") relief is one of the more widely known tax reliefs and can exempt an individual from capital gains tax ("CGT") on the sale of their home.
The level of PPR relief available is calculated by reference to the “period of ownership” and the “period of occupation” on a pro rata basis. With this in mind, where an individual has lived in their home as their main residence throughout the period of ownership, then a liability to CGT should not arise on a sale.
In HMRC v Higgins (2018), the Upper Tribunal considered when the period of ownership commenced for an off-plan purchase of an apartment.
The UT reversed the First-Tier Tribunal’s decision and held that the period of ownership started from t...
Read more
We’re available
Mon - Fri: 9am - 5:30pm