You will receive Private Residence Relief (PRR) in which you do not have to pay Capital Gains Tax when selling your property if:
Letting relief changes:
The letting relief changes will apply if the property was occupied as the primary residence and the property has been let, but the amount of relief provided is the lower of:
Letting relief – proposed changes
As a result of the reform, there will be limited access to the letting relief and it will prioritise individuals who share the occupation of their home with a tenant. This means that property owners who no longer share the property with the tenant will not qualify for the letting relief.
The Letting Relief changes were introduced from 6 April 2020.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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