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On the up! Property prices in the UK

Shared from Tax Insider: On the up! Property prices in the UK
By Meg Saksida, December 2021

Meg Saksida considers what might be done to retain main residence relief. 

Property prices are still rising in the UK. Brexit and Covid caused small blips in the market, but the stamp duty land tax holiday coupled with an increased need to work from home led to a 13% rise from mid-2020 to 2021. Taxpayers wishing to sell their homes in these inflationary times may therefore be facing a large gain.  

They will, of course, hope to benefit from capital gains tax (CGT) main residence relief (MRR) (also known as principal private residence relief (PPR)) but, to ensure they are eligible for this, sellers need to be mindful of how they use the home to secure this valuable relief. 

What does the law state? 

In the CGT legislation (TCGA 1992), a dwelling house

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