Tag Archives: private residence relief

PPR relief: A ‘residence’ or a quick profit?

The principal private residence (PPR) relief rules for capital gains tax purposes require a dwelling to have been a ‘residence’ of the individual to whom the gain accrues (TCGA 1992, s 222(1)). What is a ‘residence’? The term ‘residence’ is not defined in the PPR relief legislation. However, case law indicates that the requirement for… Read More »

Claiming private residence relief: A sting in the tail?

The concept of capital gains tax (CGT) relief on the disposal of an individual’s home is straightforward enough. However, in practice errors by taxpayers (and agents) in private residence relief claims are seemingly common. In its ‘Capital Gains Tax for Land and Buildings Toolkit’ (tinyurl.com/HMRC-L-B-Toolkit), HM Revenue and Customs (HMRC) describes the omission of chargeable… Read More »