In the UK, individuals benefit from Principal Private Residence (PPR) relief. This allows individuals to sell their main home and pay no capital gains tax, assuming a few conditions on occupation are met.
Unfortunately, the Americans amongst us have another set of rules to play by. The Internal Revenue Service (IRS) has a worldwide reach on US citizens’ tax affairs, and the gain made on the sale of the family home, i.e. the main residence, is potentially subject to capital gains tax in the US.
The government has confirmed that home buyers will not pay stamp duty on any home up to the value of £500,000. This is the latest in a number of measures designed to reduce the economic impact of the coronavirus crisis and ensure that young people, in particular, are not locked out of the housing market.
Mortgages are there to help cover the considerable costs involved when buying a home. The good news is that UK residents have access to a wide variety of mortgages. As a result, you must be aware of all the options before you apply for one. They have different features, which means one may benefit you more than others.
Anyone else noticing a tidal wave of pattern, clashing colour, tassel, antique, leopard print, floral ceilings, accompanied by an army of objects? Well, this is being bandied as maximalism. An expressive style, advocating ‘more is more’, or what I like to call the House of Hackney home. I feel that one underestimates the thought and ironic coordination that goes into this.
Guest post by Bella Tiark, N+B Design, London
