Capital Gains Tax

[Murphy]

Hi All, when we bought our property in 2007 I asked the solicitor do we have to pay capital gains tax when we sell our house?
The answer was no, we are thinking of selling and is this still the case or have things changed. We only own this property.

[wanderer]

Depending on value 2.8%

[Soner]

As far I understand it, you do not pay capital gains on first property sale. This may of changed. Hopefully a member on forum can confirm.

[wanderer]

Just been speaking to advocate and estate agent if non resident in the last year first sale atracts 2.8% residents excempt

[gates]

So at least you get something back for being a resident

[MnM]

We're non-residents and paid no CGT on first sale late last year.

[wanderer]

Its a this year thing started in Jan or Feb

[MnM]

Sounds like we were just in time. We're back in May to look for another property but at the moment I'm really struggling to justify re-investing. I suppose that's for another thread though.

[manyworlds]

You might be liable for it in your main country of residence if that is not the TRNC..

[RAZR63]

We are in the process of transferring the title deeds from the previous owners to us and have been told that even though the sales contract (signed, stamped and registered) states that the previous owners "used their exemption for the payment of this tax" they now have to pay it. If it is not paid we cannot transfer the deeds. It is highly unlikely that they will pay the tax so we will have to incur the cost! Along with the increased 12% transfer tax.