CGT on property sale - deductions

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Europe > Cyprus Expat Forum for Expats Living in Cyprus

Cyprus Expat Forum for Expats Living in Cyprus Welcome to the Cyprus Expat forum. A new place to meet other expats now living in Cyprus. Join in to discuss anything from buying property in Cyprus to which schools are good in Cyprus.

Like Tree2Likes
  • 1 Post By nhowarth
  • 1 Post By nhowarth

CGT on property sale - deductions


Reply
 
Subscribe to this Thread Thread Tools
  #1 (permalink)  
Old 9th September 2019, 04:58 PM
New Member
 
Join Date: Mar 2012
Location: London
Posts: 17
Rep Power: 0
blueparrot is on a distinguished road
4 likes received

Users Flag! Originally from england. Users Flag! Expat in cyprus.
Default CGT on property sale - deductions

I understand that, when you sell a property (a principal private residence), you can deduct certain costs of acquisition/disposal from the sale price before you calculate CGT.

PWC's booklet on tax ('Tax Facts & Figures 2019') says you can deduct legal expenses, for example. But my conveyancing lawyer says no, you can only deduct transfer fees.

Does anyone know the answer? What costs of acquisition/disposal can you deduct?

(I know that there is also a lifetime exemption of 85,430.)

Many thanks.

Reply With Quote Quick reply to this message
  #2 (permalink)  
Old 10th September 2019, 08:01 AM
Member
 
Join Date: Dec 2017
Location: Erimi
Posts: 175
Rep Power: 621
nhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond repute
149 likes received
27 likes given

Users Flag! Originally from uk. Users Flag! Expat in cyprus.
Default

Hi blueparrot

Here are a couple of articles - Cyprus capital gains tax laws on the disposal of property and another (longer) one written by a professor of law Capital Gains Tax on the sale of property in Cyprus.

Professional fees are a deductible item.

Regards,
Shotokan101 likes this.

__________________
Nigel Howarth
Reply With Quote Quick reply to this message
  #3 (permalink)  
Old 10th September 2019, 10:19 AM
New Member
 
Join Date: Mar 2012
Location: London
Posts: 17
Rep Power: 0
blueparrot is on a distinguished road
4 likes received

Users Flag! Originally from england. Users Flag! Expat in cyprus.
Default

Thank you, Nigel.

I have sent the links to my solicitor and pointed out the key paragraphs.

It seems that, despite the (apparently clear) law on allowable deductions, actual practice varies by tax officer. But I will try to get all the receipts so that, when the time comes to sell, I can at least try to claim the deductions...and see what happens!

Thanks again.

Reply With Quote Quick reply to this message
Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 10th September 2019, 10:22 AM
Member
 
Join Date: Dec 2017
Location: Erimi
Posts: 175
Rep Power: 621
nhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond reputenhowarth has a reputation beyond repute
149 likes received
27 likes given

Users Flag! Originally from uk. Users Flag! Expat in cyprus.
Default

You need an accountant to do this - they're good with numbers.
Shotokan101 likes this.

__________________
Nigel Howarth
Reply With Quote Quick reply to this message
Reply


Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:
Location
Where you live
Expat From Country
Please select the country you originate from. This will appear as a flag when you make posts on the site.
Expat To Country
Please select the country you have either moved to or want to relocate to. This will be presented on the site when you make posts.

Log-in


Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 05:47 AM.


Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.