Accounting Journal

Accounting Journal

Which home is the main residence?

Asif Patel's avatar
Asif Patel
Aug 30, 2024
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Private residence relief is a valuable capital gains tax relief which means that a person does not have to pay capital gains tax on any gain arising on a property while it was their only or main residence. Where a property has at some point been the taxpayer’s only or main home, the last nine months of ownership are also exempt from capital gains tax (i…

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