Principal Private Residence Relief (PPR) is a relief that enables homeowners to sell their homes without having to pay capital gains tax (CGT). However, in order to claim the relief, the property must be the main residence of the person selling the property.
On 23 March 2021, the UK government held its first-ever ‘Tax Day’ whereby it published a series of tax documents and consultations. It is all a part of a move to strengthen policymaking and to help create a more “trusted, simple and modern tax system”.
If you inherited a property that you then sold for less than the property was valued upon death, you could get a refund for the difference of the Inheritance Tax.
Owners of furnished holiday lets having problems meeting HMRC criteria die to COVID-19 may be able to make a period of grace election.