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capital gains

Posted by cypssk - Created: 9 years ago
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2 replies (Showing replies: 1 to 2)

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Posted by Nigel Howarth - 9 years ago

Hi cypssk,

You can only claim the CYP 50,000 CGT allowance if you can prove to the authorities that the property has been your main residence for a minimum of 5 years.

For more information, see http://www.cyprus-property-buyers.com/law/capital-gains-tax.htm

And please take heed of the note near the bottom of the page:

"Note that the above allowances are granted once in the lifetime of the individual, until fully exhausted. If an individual claims a combination of them, the maximum deduction granted cannot exceed €85,430.

Please note that different Inland Revenue offices and even different officers in the same Inland Revenue office appear to interpret the CGT laws in different ways."

Regards,

Nigel

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Posted by napierlodge - 9 years ago

There are other allowances that can also be deducted : costs involved in purchasing including (if you have them) the cost of obtaining title deeds; costs involved in selling including estate agents fees but only if the agent is a registered agent; there will be some allowance for inflation but over 5 years that will not be huge. You can also claim costs of PERMANENT improvements to the property, so long as you have the receipts.