tree tax?

[trooper]

I have just been told that if i sell my house, which has a very old tree on it, i would be liable for an amount of tac. Apparently this is the case if the tree was on the plot before building. Please someone tell me this is an early april fools joke....

[johnny1]

oh boy...i hope its not true

[Loobyloo]

Don't know about tax but we certainly had to advertise an old olive tree in the garden as it apparently belonged to someone other than the person who was selling us the land. People used to leave them to different members of their family in their will so I suppose being taxable is a possibility

[judyvin]

Yes, you have been given the correct information. As a vendor you have a ‘once in a lifetime’ tax exemption not to pay capital gains tax on the sale of your property. However this tax option right is in relation to the property and not in relation to the land if it has trees upon it. This was applied to mine last year when I took Title to my property. I would talk to your lawyer to find out the latest guidance.

[flossie44]

We sold our house last October and we were told that we might have to pay a tree tax. We had no trees on our plot but as we had a shared kochan out advocate said that if there were trees on the site as a whole we could be liable. However no tax was levied. As said previouslly check with your legal advisor.

[ozankoys]

The tax is levied because it is assumed that you have received income from the fruits of the trees, whether you have or not however it is not very much money (for a change). As said above the exemption to not pay Stoppaj only applies to a private dwelling house, as you are living in it you are not receiving any income.