Kibkom North Cyprus Forum

Does anyone know how to access the latest rules on CGT??

I have been told by a friend that if you sell, then let's say you bought at £50k are selling at £100k that the tax office can determine that actually it should be £150k??

Is that correct or a rumour? If it is correct it is ridiculous!!

Also there used to be a one off exemption but has that now gone??

Thanks

I've heard the same but don't know if its correct. If its correct then is obscene and explains why a lot of people are selling up and making huge loss, just to get out.

Its the higher of valuation or actual sales price. So basically depends on what it values at.

So for resale its almost always the valuation...


I bought 2 studios recently in magusa both for £45 k..

One valued at £50 k one valued at £40 k...

1 sale in kyrenia and 1 in magusa both came in around 65% of actual sales price..

Of course the ones people will be talking about is when they sell a shared title villa and the valuations come in 50% more..most will keep quiet about the low valuation ones...swings and rounds abouts in my experience.