Introduction to Principal Private Residence Relief
- Podcast Location:
- Download it here [file size: 21.5 MB]
- Categories:
-
Tax Law
- CPD Points:
- Up to 1 point. details »
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- Length:
- 30 minutes of audio
(+ optional 5 minute online quiz) - Plays on Computer:
- Yes Downloadable as MP3: Yes
- Contributor(s):
- Course Aims:
This podcast aims to introduce listeners (or provide a refresher to well versed practitioners) to the principal private residence exemption (PPR). It will address the scope of the exemption and what tests must be met for a taxpayer to claim it. The podcast will discuss how the relief is calculated and how the relief applies where the house is not the taxpayer’s only residence, a shared residence or trust property.
- Outcomes:
- After completing the course you will:
- Understand how principal private residence relief works;
- Understand what tests must be met to qualify for relief;
- Understand what counts as a ‘dwelling house’;
- Be aware of the rules concerning how long a property must be occupied to qualify for relief;
- Understand how the relief interacts where the taxpayer owns more than one property.
- Level:
- Complex
- Classification:
-
Introduction
Legal Principles
- Sources and References:
-
- HMRC’s Capital Gains Tax Manual CG64200;
- Taxation of Chargeable Gains Act 1992 Ss 222-225, 225A, 226A, 260;
- Re Hequard (1889) 24 QBD 71;
- London County Council v Cook (1905) 5 TC 173;
- Makins v Elson (HM Inspector of Taxes) (1976) 51 TC 437;
- Lewis v Lady Rook [1992] STC 171;
- Longson v (Baker) HM Inspector of Taxes [2000] UKSC SPC00238;
- Goodwin v Curtis (HMIT) [1996] STI 1290;
- Jones v Wilcox (HMIT) [1996] STI 1349;
- Lynch v Edmondson (HMIT) [1998] STI 968;
- Sansom & Anor (Ridge Settlement Trustees) v Peay (HMIT) (1976) 52 TC1.
This podcast introduces listeners to one of the most valuable exemptions from UK Capital Gains Tax; principle private residence relief. This podcast will look at how it works and the circumstances in which the relief can be claimed.
Podcast added: 12/08/10
