Relief for benefits made on private residences

Since April 2020, several changes have been made to the Private Residence Relief (PRR).

When the property is vacated or vacated for some time, the last term of ownership, which is considered a relief from the capital gains tax (CGT) deduction, is reduced from 18 months to nine months. Done. Overall, eliminating relief when leaving a property, as well as at all times living with their lodgers, is a high CGT responsibility for those selling the property. Huh.

When spouses transfer ownership of the property to another spouse, they are relieved when they are not on the property at the transfer time. If the couple later chooses to live on the property, this small change may qualify for full PPR relief on the property for the entire period of ownership.