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.
Changes to National Insurance contributions (NICs) and tax policies have been announced by the Chancellor. Take a look at the upcoming adjustments, including reductions in NICs rates for employees and the self-employed, changes to Capital Gains Tax rates, the introduction of a new British ISA allowance, updates to VAT registration thresholds, and plans to extend Full Expensing to leased assets. These changes are effective from 6 April 2024 and aim to support individuals and foster investment in promising UK enterprises.
As we near the end of the tax year on 5 April 2024, it’s essential to take stock of your family and business finances. Although tax rates and thresholds remain stagnant, the government’s tax revenue keeps climbing. Nonetheless, there are still plenty of practical ways to manage your affairs tax-efficiently, and we’re here to guide you through some of these strategies.
Changes to Capital Gains Tax on Property Sales will only affect you if you sell or gift a residential property other than your main residence on or after 6 April 2020.
For such disposals it will be necessary to file a separate capital gains tax (CGT) return within 30 days of completion of the disposal and it will also be necessary to pay any capital gains tax within the same period. The capital gain will also need to be reported on the normal tax return filed after the end of the tax year and the tax already paid will be treated as paid on account of the final liability.
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