Private residence relief (PRR) is a relief from capital gains tax on gains arising on the sale of a taxpayer’s only, or main, home. If a taxpayer has more than one property, one should be nominated as the main home.
For a taxpayer who has spent time away from his home, PRR may be available subject to certain conditions being met. Irrespective of other absences, there is generally an exemption for the final period of ownership; the period covered by this exemption was three years, but from April 2014 it was reduced to 18 months, subject to certain special cases. [1]