Where Taxpayers and Advisers Meet

PRR Confusion

Berkshire45
Posts: 2
Joined: Tue Apr 18, 2017 4:53 pm

PRR Confusion

Postby Berkshire45 » Fri Apr 21, 2017 9:49 am

Having read several articles on PRR I am even more confused. In some posts is says that if you move into a property and make it your main residence then you can claim PRR - does this mean that no CGT will be applicable?

Also I have found this on the Tax Tips section, does this mean if you do not move into the property as soon as you purchase it you will always be liable to CGT even if you live in it as your main residence and sell it at that standpoint.

thank you.

section 44
Posts: 4465
Joined: Thu Oct 30, 2008 12:47 pm

Re: PRR Confusion

Postby section 44 » Fri Apr 21, 2017 9:58 am

Berkshire45 wrote:if you move into a property and make it your main residence then you can claim PRR - does this mean that no CGT will be applicable?


You could claim at least some PRR. Clearly if your period of ownership was greater than the period for which the property was your residence than the PRR might only be partial. Accordingly there may still be a CGT liability.


Return to “Property Taxation”