Contact us

Map

 01332 202660

email

background

OUR

PROCESS

GET IN TOUCH
WITH US

GET TO KNOW

US

BLOG

SHARE

SHARE

CONNECT

CONNECT

POST

POST

DISCUSS

DISCUSS

       Services

61 Friar Gate  Derby  DE1 1DJ

 

Registered to carry out audit work Association of Chartered Certified Accountants.

www.auditregister.org.uk under number 8011438

Member of the Association of Chartered Certified Accountants
Phone

01332 202660

Blog

Private Residence Relief changes

Adrian Mooy - Monday, August 19, 2019
 
The government published draft legislation on the changes to Private Residence Relief (PRR). The draft legislation is subject to consultation which closes on 5 September 2019.

 

For properties that have not been occupied throughout the period of ownership, available deductions for capital gains tax purposes will be limited as follows:
 
the final period exemption will be reduced from 18 months to 9 months and
 
lettings relief will be reformed so that it only applies in those circumstances where the owner of the property is in shared-occupancy with a tenant. Letting relief will be restricted or curtailed for disposals on or after 6 April 2020, regardless of when the period of letting took place.

 

Brian Slater, Chair of CIOT's Property Taxes Sub-committee, said:

 

'Many home owners are still unaware that the final period exemption was reduced from 36 months to 18 months in 2014. A further reduction to just nine months is likely to bring more property disposals within the scope of CGT.

 

Another aspect of the relief which is also changing from 6 April 2020 is lettings relief, limiting it to narrowly defined circumstances in which the owner shares occupation of their house with a tenant.'

Comments
Post has no comments.
Post a Comment




Captcha Image

Trackback Link
http://www.adrianmooy.com/BlogRetrieve.aspx?BlogID=13995&PostID=812092&A=Trackback
Trackbacks
Post has no trackbacks.

News