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Budget 2018: Private residence relief rules tightened

In the 2018 budget, the chancellor has confirmed that from April 2020, the rules regarding private residence relief will be tightened.

Private residence relief is designed to protect taxpayers from capital gains tax when selling their homes

Talking in the House of Commons, chancellor Philip Hammond said that, “Mr Deputy Speaker, we recommit today to keeping family homes out of capital gains tax. But some aspects of private residence relief extend it beyond that objective, and provide relief for people who are not using the home as their main residence.”

“So from April 2020, we will limit lettings relief to properties where the owner is in shared occupancy with the tenant, and reduce the final period exemption from 18 months to 9 months.”

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