[ˈpraɪvɪt ˈrɛzɪdəns rɪˈliːf]
Private Residence Relief is a tax relief for Capital Gains tax that qualifying individuals automatically get when they sell their primary residence.
Private Residence Relief is a tax relief available to homeowners in the United Kingdom. It allows qualifying individuals to avoid paying Capital Gains tax on the sale of their primary residence.
To qualify, an individual must be selling their primary home that has been their main home since they have owned it. They also must have not rented the house out, used any part of it just for business, and the grounds must not be more than 5000 square metres.
If you do qualify, the tax relief will be automatically applied and you will not have to pay any tax.
Married couples or Civil Partners can only count one property as their main home at a time.
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