Principal Private Residence Relief (PPR) - A Masterclass for Private Client Professionals

Introduction

PPR has been a feature of the capital gains tax system since 1965 when CGT was introduced.

The relief is worth about £27 billion to taxpayers and is the second most expensive tax relief that the UK government grants.

Despite this apparent stability, the nature and scope of this relief is regularly examined in the Tax Tribunals.

There have been recent legislative changes to PPR, which have limited the scope of the relief. The courts have also handed down some significant judgments which affect when and how much relief can be claimed.

The course looks at some of the practical issues that can arise.

In an era where property prices have appreciated substantially and where gains can be into the millions, understanding the full impact of the relief is key to a successful outcome. Participants will be equipped to deal with the technical and practical challenges that arise when a client sells a UK residential property.

What You Will Learn

The course looks at:

• Why intention to reside is key
• Quality of residence issues
• The extent of land that can be included in PPR
• The changes to spousal transfer rules
• Changes to deemed occupation rules
• PPR and non-residents
• The new online filing and payment obligations
• How HMRC reviews and challenges PPR claims