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.

[kerry 6138]

RAZR63 how did you get on with this issue, we are going through the same problem arising from the change in the Law on CGT exemption in Feb 23.

[finchy]

2.8% is deducted from your sale value inclusive of the estate agency fees.

[Tanky]

If you sell up here and move back to the UK you will be done for CGT in the UK, Why I do not know but our neighbours who sold up and went back to the UK and Ireland both got done for CGT Robbery absolute robbers. How can the UK claim a capital gain on something that has had nothing to do with the UK. And around the corner waiting for more is Reeves. Beware everybody,

[mrsgee]

If you sell up here and move back to the UK you will be done for CGT in the UK, Why I do not know but our neighbours who sold up and went back to the UK and Ireland both got done for CGT Robbery absolute robbers. How can the UK claim a capital gain on something that has had nothing to do with the UK. And around the corner waiting for more is Reeves. Beware everybody,

I believe that only applies if you own property in UK, so your property here on selling up would be a second property so liable for cgt. Willing to be corrected of course.

[Tanky]

I think you are correct mrsgee. My point is why should the UK have ANY claim of a CGT when the property purchase and therefore the gain was not made in the UK Crooks the whole bunch of them and lets see how further afield their net will go one Reeves makes her budget speech.

[benjaminbutton]

The same applies to Probate in UK. The UK Government now count a property in this country as being an asset if your name is on the contract. even if it stands empty on your demise or is let. At least that is what my UK lawyers has warned me. I cant understand how Probate applies in two countries at the same time.

[buddy]

The same applies to Probate in UK. The UK Government now count a property in this country as being an asset if your name is on the contract. even if it stands empty on your demise or is let. At least that is what my UK lawyers has warned me. I cant understand how Probate applies in two countries at the same time.

It can only be considered an asset for probate if the owner is domiciled in UK .