Transfer Fee Clarification

[JohnTB]

Can anyone enlighten me as to which value is utilised to calculate Transfer Fees when Deeds are first obtained from the developer.
Is it the 1980 value (Euro), the price paid for the property when purchased (in 2006, converted from CYP Pounds to Euro) or the new 2013 valuation (Euro) utilised for IPT?
We purchased our property in 2006, took posession in 2008 and the deeds are just ready for issue now and I'm trying to calculate what the Tax should be.
Thanks in advance, cheers

[Nigel Howarth]

Hi JohnTB

Property Transfer Fees are based on the Land Registry's assessment of a property's market value at its date of sale. This is never less than the price you actually paid and sometimes more.

(This assumes that you contract of sale has been deposited at teh Land Registry. If not, the Fees will be calculated on the property's current value unless you can provide evidence that you purchased it in 2006.)

Regards,