Main residence relief (private residence relief) protects homeowners from any gains arising on their only or main home. However, there are conditions to be met for the relief to be available.
Capital gains tax is payable on net gains to the extent that they exceed the annual exempt amount.
At the time of the 2016 Budget, the then Chancellor, George Osborne, outlined details of a new capital gains tax relief for external investors in unlisted trading companies. The relief aims to attract new capital into unlisted companies.
The concept that you can sell your home without paying tax on any profit that you make is well-known. However, the position becomes slightly more complicated if you have more than one property, if you also use your home for business purposes, or if you have let it out at some point during the period that you have owned it.