Property tax changes – Sale of own home Principal Private Residence Relief

You do not pay tax on the sale of your own home if you have occupied throughout the period of ownership. For periods you have not occupied the house tax  may be payable.

The chancellor announced 2 significant changes to reliefs available on sale of our Principal Private Residence (PPR) which effect people who have had periods of time where they have not occupied the home. 

If you let out your home during the period of ownership, you can claim letting  relief, however from 6/4/2020 this will be reformed so that it applies only in circumstances where the owner of the property is in shared-occupancy with a tenant.

Also on 6/4/2020 the “final relief period” of 18 months will be reduced to 9 months.

 

 

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