Capital Gains Tax
Moderators: Soner, Dragon, PoshinDevon
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- Kibkommer
- Posts: 73
- Joined: Tue 11 Aug 2015 11:54 am
Capital Gains Tax
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.
The answer was no, we are thinking of selling and is this still the case or have things changed. We only own this property.
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- Kibkommer
- Posts: 1663
- Joined: Tue 03 Apr 2012 7:49 pm
Re: Capital Gains Tax
Depending on value 2.8%
- Soner
- Kibkom
- Posts: 5163
- Joined: Tue 03 Apr 2012 10:51 am
Re: Capital Gains Tax
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.
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- Kibkommer
- Posts: 1663
- Joined: Tue 03 Apr 2012 7:49 pm
Re: Capital Gains Tax
Just been speaking to advocate and estate agent if non resident in the last year first sale atracts 2.8% residents excempt
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- Business contributing to forum
- Posts: 1894
- Joined: Sat 25 Aug 2012 6:42 am
Re: Capital Gains Tax
So at least you get something back for being a resident
- MnM
- Verified Member
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Re: Capital Gains Tax
We're non-residents and paid no CGT on first sale late last year.
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- Kibkommer
- Posts: 1663
- Joined: Tue 03 Apr 2012 7:49 pm
Re: Capital Gains Tax
Its a this year thing started in Jan or Feb
- MnM
- Verified Member
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- Joined: Thu 20 Jun 2019 11:34 am
Re: Capital Gains Tax
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.
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- Kibkommer
- Posts: 28
- Joined: Tue 21 Jan 2020 11:39 am
Re: Capital Gains Tax
You might be liable for it in your main country of residence if that is not the TRNC..
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- Kibkommer
- Posts: 765
- Joined: Wed 10 Sep 2014 12:57 pm
Re: Capital Gains Tax
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.