Whilst some changes to property tax – like the extension to the Stamp Duty holiday – make headlines, others escape attention. Here’s a summary of changes to the rules on property disposals you might not have heard about.
Principal Private Residence relief – Home is where the dog is
Financial gains made on the disposals of residential property will usually trigger liability for a capital gains tax (CGT). The exception to this rule is when you dispose of your main home, thanks to principal private residence relief (PRR).
