CONCLUSION

Private residency relief is an important tax relief that can help to reduce or eliminate the capital gains tax liability on the sale of a property that has been used as the seller's main residence. To be eligible for this relief, you must have used the property as your main residence for some or all of the time that you owned it, and you must have owned the property for at least part of the time that you used it as your main residence. If you are planning to sell your main residence, it is important to understand the rules and requirements for claiming private residency relief so that you can minimize your tax liability and maximize your profits.

It's important to note that Private residency relief rules can be complex, and it's advisable to seek professional tax advice from a qualified tax advisor or accountant to ensure compliance with UK tax laws and regulations.

Get in touch with Cheylesmore Chartered Accountants to handle your Capital Gains Tax and any associated reliefs.

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