General question for PAYE folks:
We’re all playing by the same rules, but the endgame can be pretty different. I’d guess a lot of HENRYs are maxing SIPP and S&S ISA first, then moving into GIA or RSUs once those are full. If you’re likely to end up at £6m-£7m by 65, how are you thinking about wealth transfer?
Much of my wealth planning is around S&S ISA, SIPP, and GIA (in that order). Outside these, I have a primary residence (owner-occupier) and in full compliance with the current PRR rules. Should I decide to downsize and sell my primary residence to buy the next primary residence, I will not be liable for any CGT.
However, my question is whether do I still qualify for PRR if the new primary residence is significantly cheaper than the “gains” from the sale of the previous primary residence, in which case I pocket the profit without any tax liabilities.
Correct?