HMRC has launched a consultation on changes to private residence relief (PRR) from capital gains tax (CGT) that were announced at Budget 2018.
As from 6 April 2020, lettings relief will be restricted to owners who share occupancy with a tenant. Lettings relief was introduced in 1980, to allow people to let out spare rooms within their property on a casual basis without losing the benefit of PRR. In practice, however, HMRC has found that lettings relief is being used for purposes beyond the original policy intention, benefitting those who let out a whole dwelling that has, at some stage, been their main residence.
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