Principal Private Residence (PPR) relief can wipe out or significantly reduce the tax you owe when selling your home. A Principal Private Residence (PPR) is a house or apartment which you own and occupy as your only, or main, residence.
There isn’t a simple answer so speak to your tax adviser. You must prove that you intended to make it your permanent residence.
You might face issues if you can’t prove that you:
- Registered to vote at the property
- Recieved utility bills in your name at the home
- Registered for council tax
Make sure that all of your paperwork is in order to avoid any problems!
This leads us onto another popular question:
How long do you have to file a Capital Gains Tax Return after selling your house?
When you sell a second property that is not your main residence (including inherited or gifted properties), you typically need to file a Capital Gains Tax (CGT) property disposal return within 60 days of completing the sale, unless the property has resulted in a loss. This is important for ensuring compliance with HMRC regulations regarding the reporting and payment of Capital Gains Tax on property disposals.
This is something we do for our clients, feel free to get in touch with us if you would like more details.
The information contained above is for general guidance purposes only. Whilst every effort has been made to ensure the contents are accurate, please note that each individual has different circumstances and it is essential that you seek appropriate professional advice before you act on any of the information contained herein. HB Accountants can accept no liability for any error.
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