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Private Residences

Main residence relief (also known as ‘principal private residence’ relief (PPR)) provides relief from capital gains tax on the disposal of (or of an interest in) a dwelling which has been the individual’s only or main residence, and on land enjoyed with that residence as its garden or grounds up to half a hectare, or more if the additional land is required for the reasonable enjoyment of the property.

The relief is time apportioned for periods of occupation, and for certain periods of deemed occupation. In particular, relief for the final 18 month period of ownership is given, if the property was at some time the individual’s only or main residence.

Where two or more properties are owned, the taxpayer may elect, within certain time limits, which property is to be treated as his main residence.

Married couples and civil partners may have only one main residence at any time between them which qualifies for the relief.

Lettings relief

If the main residence has been wholly or partly let as residential accommodation at any time in the period of ownership, lettings relief can provide an exemption for gains limited to the lower of:

  • the gain attributable to the let period;
  • £40,000 per owner; and
  • the gain exempt as main residence relief.

*Lettings relief was removed from 06th April 2020

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