Person centred planning for residential relief

Author: Chris Springett, James Kirk (

Categories: Getting advice, Tax Planning
Tags: property, property ownership, residence, residence relief
Smith & Williamson offer person centred planning advice. In this TV show Chris Springett explains how obtaining residential tax advice could save you millions.

Person centred planning: Property

It’s a fantastic relief that’s available, this main residence relief. It exempts the gain, to the extent that the property was your main residence. So for a London property gains could be millions on it. And we’ve seen this where properties have been sold for, you know, tens, fifteen million more than they were acquired for If you can claim this main residence relief and exempt that gain, then you’re talking, you know, millions of pounds in tax savings and just for making sure that your records are in place, that things are done correctly and you get contemporaneous advice on it really. It’s aimed at individuals, it’s a relief that individuals claim for their residence. So it’s really focusing on that person, what they do and how they go about doing it. So very much geared at anyone who’s got either one or more … more than one properties, so aimed at anyone who’s got more than one properties and/or aimed at someone who is perhaps not using their property that they own for a particular purpose. So for example, they go away to work, if they go travelling for a year, again it’s making sure that the extensions that are available under the legislation are properly claimed.   There are more TV shows about residence and person centred planning on Inside Finance TV.  
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