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Search results: 13 article(s) found in topic: Capital gains tax - keyword: Private residence relief

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PRIVATE RESIDENCE RELIEF

Maximising relief on clients’ property sales

A new client has come to you for advice about a property he has sold. He lived in it on and off during the ownership period, although there was a delay in initially completing the exchange. He had other properties that he has occupied as his home as well. You believe some private residence relief (PRR) will be due. How should you approach quantifying this? More...

PRIVATE RESIDENCE RELIEF

Owner “probably didn’t occupy property”

PRIVATE RESIDENCE RELIEF

PRR - what’s the period of ownership?

The Court of Appeal has issued a binding decision on when the period of ownership of a main residence begins for capital gains tax relief purposes. What is the key point, and what action do you need to take for your clients? More...

PRIVATE RESIDENCE RELIEF

Use a tax return to reduce a private residence relief risk

A client has recently sold her main residence and believes the gain should be exempt due to private residence relief. Why can things get complicated, and might disclosing the full details on a return be a good idea? More...

EXTRA STATUTORY CONCESSIONS

PRR cliff-edge

PRIVATE RESIDENCE RELIEF

PRR and lettings relief - act now to preserve it

A number of recent cases have put private residence relief back in the spotlight. Additionally, the 2018 Budget contained some unwelcome news for potential sellers. What are the changes announced, and why is it worth reflecting on the relief for clients now? More...

PRIVATE RESIDENCE RELIEF

Advice on off-plan gains must change

Anyone purchasing an off-plan main residence was relieved when the First-tier Tribunal upheld a private residence relief (PRR) claim in 2017. Now the Upper Tribunal has overturned that decision. What’s the impact? More...

CAPITAL GAINS TAX

The tax consequences of divorce or separation

When a marriage breaks down, tax is unlikely to be high on the priority list - however, there can be unforeseen charges that arise if care is not taken. What can you advise clients contemplating separation in order to minimise the tax consequences? More...

CAPITAL GAINS TAX

Update on residence for CGT purposes

HMRC’s approach to private residence relief (PRR) is increasingly aggressive, especially where second homes are concerned. In what situations are your clients entitled to private residence relief and how can you help them improve their chances of a successful claim? More...

PROPERTY

Trading profit or capital gain qualifying for PRR?

A 2014 case offers some valuable insight into the distinction between a property that is bought with the intention of becoming a home and one where its to make a profit. What can you learn from this? More...
Last updated: 01.06.2020

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