Principal Private Resident Relief Flashcards
1
Q
What formula is used to calculate PPR relief?
A
Gain x (period of occupation/period of ownership).
2
Q
What period prior to a property being sold is always deemed occupied?
A
18 months before disposal (provided the property was PPR at some point).
3
Q
If an owner was abroad by reason of employment, what is the limit on deemed occupation?
A
No limit. Any period abroad is deemed occupation.
4
Q
If an owner was required to work away from home in the UK, what is the limit on deemed occupation?
A
4 years.
5
Q
If a self-employed owner works away from home overseas or in the UK, what is the limit on deemed occupation?
A
4 years.
6
Q
How many exemptions are allowed for a married couple/civil partnership?
A
One exemption per married couple/civil partnership.
