Practical completion is the point at which the works are complete enough for the building to be occupied and used for its intended purpose, apart from minor snags. It triggers handover, the start of the defects period and part release of retention.
At practical completion, risk and insurance responsibility usually transfer to the owner, liquidated damages for delay stop running, and the defects liability period begins. Because of those consequences, the date should be certified rather than assumed.
Outstanding items should be limited to genuinely minor snags. Certifying practical completion while significant work remains weakens your position considerably.