Selling a home that is your principal private residence generally:

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Multiple Choice

Selling a home that is your principal private residence generally:

Explanation:
Private Residence Relief is the concept here. When you sell a property that is your main home, the tax system normally removes the CGT liability on the gain from that sale. If you have lived in the home for the whole period of ownership, the entire gain is typically exempt. Even if you weren’t resident for every moment, relief is available for the time you actually lived there and for a final period before sale, with any periods of non-occupation or letting apportioned accordingly. So, in general, selling your principal private residence doesn’t incur Capital Gains Tax. Note that IHT is a separate concern and applies under different rules, but it doesn’t change the CGT treatment on the sale itself.

Private Residence Relief is the concept here. When you sell a property that is your main home, the tax system normally removes the CGT liability on the gain from that sale. If you have lived in the home for the whole period of ownership, the entire gain is typically exempt. Even if you weren’t resident for every moment, relief is available for the time you actually lived there and for a final period before sale, with any periods of non-occupation or letting apportioned accordingly. So, in general, selling your principal private residence doesn’t incur Capital Gains Tax. Note that IHT is a separate concern and applies under different rules, but it doesn’t change the CGT treatment on the sale itself.

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