Capital gains tax?

frugal90 · Post by **frugal90** » Sat 19 Apr 2025 5:12 pm

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

benjaminbutton · Post by **benjaminbutton** » Mon 21 Apr 2025 9:42 am

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.

Reyntj · Post by **Reyntj** » Mon 21 Apr 2025 11:05 am

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.