90 day rule for Private Residence Relief

by Readers Question

10:24 AM, 3rd December 2014
About 4 years ago

90 day rule for Private Residence Relief

Make Text Bigger
90 day rule for Private Residence Relief

HMRC has released proposals detailing the Capital Gains Tax on non-residents expected to be confirmed during tomorrow’s Autumn Statement.

Initially announced in 2013’s Finance Bill to apply from April 2015, the changes will be introduced in a spirit of ‘fairness’, while providing a much needed tax boost to the Exchequer. The Government are also cracking down on UK residents electing second homes as their main residence.

There has also been clarity on the position for non-residents having a home in the UK. They will obtain private residence relief (PRR) (i.e. relief from CGT if the property is your main home), if they meet the ’90 day rule’ i.e. the PRR will be available for the tax year where the property is used as a main residence for more than 90 days.

Now the interesting part……….. ‘The rule will now be applied to UK second home owners as well.’
Looking like the exit strategy for landlords may change ???

Gillcgt



Comments

Carol Thomas

11:05 AM, 3rd December 2014
About 4 years ago

I'm having a blonde moment - could someone explain Gill's last comment in more detail!
Thanks


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

And the landlord vote goes to - ?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More