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UK2.3.1ÌýÌýÌýÌý Exemption from UK capital gains tax for disposal of only or main home by an individual

Where an individual sells their only or main home, generally the gain is exempt from UK capital gains tax. This relief is referred to by many names in practice. The most common name is principal residence relief (PRR), but it is also known as private residence relief and only or main residence relief.

The amount of the PRR is the proportion of the gain that relates to the period of time during which the property was occupied as the individual's only or main residence as compared with the entire ownership period (or the period from 31 March 1982 is later) (TCGA 1992, s 223(1), (2), (7)). See 'Periods of absence' and 'More than one residence' below.

Spouses and civil partners who are living together (ie have not permanently separated) can have only one main residence between them (TCGA 1992, s 222(6)). Therefore if the couple owns two residences