• Principle Private Residence (PPR) exemptions are available for employment-related absences and also for other absences of up to three years for any purpose. Absences do not need to be consecutive, or fall during the last three years of ownership.
• A property which has been your PPR at any time will qualify for the PPR exemption for the last three years of ownership, whether you are living in it during those last three years or not.
• If you have property listed as your PPR which is also rented out, consider the benefits of a joint ownership between husband and wife/civil partners to secure the dual lettings exemption of £80,000.for both. But watch out the transfer doesn't mean PPR exemptions are lost.
• If you own more than one property it is wise to routinely review the capital gains tax planning opportunities available from making and subsequently revoking PPR elections.
• Routinely make PPR elections within the two year time limit because it gives you flexibility and can always be revoked.
• If you are using a property for business purposes, ensure it has an element of private use to protect the availability of the PPR exemption and that any relief claimed against rental income reflects this.
• If you want to sell off land separately to property, make sure you sell it before the property and garden are sold to preserve the PPR exemption.
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