Final period of ownership change for Principle Private Residence Relief
As the 31 January deadline approaches for the submission of 2014/15 Tax Returns it is worth a reminder about a change in the rules on Principle Private Residence Relief. In previous years, anyone absent from their home for the last 36 months of ownership was still granted full private residence relief on a disposal as this final period was ignored. Although the rule remains intact, the time period was reduced from 36 to 18 months with effect from 6 April 2014. Anyone who has sold their private residence relying on the old rules may want to consider whether a tax charge arises before they submit their Tax Return.
Date: 21st January, 2016
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