Tax planning begins at home

Posted 16/01/2009

Any individual or couple who owns more than one home needs to determine which one is their so-called ‘Principal Private Residence’ (PPR).

This is because, in the great majority of cases, any financial gain made when this property is sold is exempt from Capital Gains Tax (CGT). Tax is payable, however, on any gains made on a second property owned to be let or sold at a profit.

So far, so straightforward