Capital Gains Tax

[Trenarren]

Hi, I have read with interest you guide to buying/selling in Cyprus, in particular the section on Capital Gains Exception. My question is regarding the inheritance of our Parents 30 year old holiday apartment in Cyprus, which we are just selling. The Cypriot Advocate who is dealing with the transfer/sale says we are to pay 20% capital Gains tax, even though we have inherited from our late parents? Can anyone advise us on any reason why we should be excluded from this exception?

http://www.cyprus-property-buyers.com/l ... ns-tax.htm

[Nigel Howarth]

Hi Trenarren

When you inherited the property, your late parents' estate was not liable for Capital Gains Tax. But now you are selling and any capital gain you make will be taxable.

Regards,

[Trenarren]

OK, Thanks for that Nigel, and thanks for such an informative, well constructed site!

[Nigel Howarth]

You're welcome Trenarren - and thank you for your comments.

Regards,