Capital Gains Tax Allowances

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dennisgates
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Joined: 28 Aug 2008 10:43

Capital Gains Tax Allowances

Post by dennisgates » 28 Aug 2008 14:17

Nigel

Capitaln Gains Tax Allowances

If the house is in joint names i.e. husband and wife, is the £10,000 to £50,000 CGT Allowance per house or per individual owner?



Nigel Howarth
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Re: Capital Gains Tax Allowances

Post by Nigel Howarth » 28 Aug 2008 18:32

Hello Dennis & welcome to the Cyprus Property Forum.

The CYP 10,000 CGT allowance is per individual owner; the CYP 50,000 allowance is per property - but you will only get CYP 50,000 if the property has been your main residence for a minimum of five years (and the authorities will require proof of this).

There is another string attached to the CYP 50,000 - it's a lifetime allowance. This means that once you have claimed a CYP 50,000 allowance, you cannot claim it again.

When calculating your CGT liability, inflation is taken into account along with 'allowable expenses' (some of which are also adjusted for inflation).

You can find a detailed write-up on Capital Gains Tax on my website at: http://www.cyprus-property-buyers.com/l ... ns-tax.htm

Regards,


Nigel Howarth
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