Capital Gains Tax

[mountainman]

I have been told that capital gains tax does not apply on the sale of your first property, is this true, if so should i discontinue recording every improvement/purchase invoice applicable to my house.
MM

[Nigel Howarth]

Hi Mountainman,

I'm afraid you've been given incorrect advice.

When you sell a property in Cyprus, even though it may be your main residence, Capital Gains Tax is charged on its disposal.

There's a page on my website that explains the CGT system in Cyprus, including exemptions and allowances, etc. You can find it at: Capital Gains Tax

Regards

[mountainman]

Hi Nigel
Thanks for the reply.

It's amazing the amount of incorrect information flying about.

Regards
David