Selling inherited land in Cyprus from the UK

Questions about selling property
Post Reply
MegGeorgiou
Posts: 2
Joined: 13 Jan 2021 16:43

Selling inherited land in Cyprus from the UK

Post by MegGeorgiou »

Hi there,

My grandmother passed away about 12 years ago and left some land in Cyprus to my dad in her will.
The will has all been dealt with and inheritance tax paid where applicable when it first happened.
My dad is just selling the land now and the sale is currently going through. Is capital gains tax payable on this even though he would have already paid inheritance tax? The value is below 80,000 Euros.
I also wanted to check if he was able to just get the money from the sale sent from the Lawyers bank account in Cyrpus into a multi-currency account he holds with Transferwise or if he would need to open a bank account in Cyprus and get the money transferred there before transferring it to a UK account?

Many Thanks
Pantheman
Posts: 666
Joined: 26 Jan 2008 14:44
Location: Famagusta District
Contact:

Re: Selling inherited land in Cyprus from the UK

Post by Pantheman »

Hello,

I cannot see why he paid inheritance tax since the threshold if £325,000 before it is due! Unless of course your grandmother owned much more asset.

Here in Cyprus CGT is paid on the sale of real estate, as long as there are gains greater than the allowances for each case.

He can get his euros sent to transfer wise direct from the lawyer and then from them to his UK account.

Hope that helps.
For all your property needs, we offer Trust, Integrity, Honesty.
FSB Properties Ltd
Registered and Licensed Agency Co. Reg. No. 234, Lic. No. 250 (Adamos Vrachimis)
Member of ETEK Registration No. A201999
https://www.fsbproperties.com
MegGeorgiou
Posts: 2
Joined: 13 Jan 2021 16:43

Re: Selling inherited land in Cyprus from the UK

Post by MegGeorgiou »

Thank you for the reply. Yes, she also owned a property in London which took the total value of assets over the threshold for inheritance tax in the UK.
Just to be clear, you don't pay capital gains on land if there is no property built on it? Sorry for what must seem like a stupid question!
Pantheman
Posts: 666
Joined: 26 Jan 2008 14:44
Location: Famagusta District
Contact:

Re: Selling inherited land in Cyprus from the UK

Post by Pantheman »

MegGeorgiou wrote: 13 Jan 2021 18:54 Thank you for the reply. Yes, she also owned a property in London which took the total value of assets over the threshold for inheritance tax in the UK.
Just to be clear, you don't pay capital gains on land if there is no property built on it? Sorry for what must seem like a stupid question!
Yes CGT is levied on any real estate sale, whether its built on or not.

Was the Cyprus land declared in her estate in the uk?? If so I guess you would have had a valuation done. In any case someone needs to speak tot eh tax office here incase you can offset it. Your lawyer should do this for you.
For all your property needs, we offer Trust, Integrity, Honesty.
FSB Properties Ltd
Registered and Licensed Agency Co. Reg. No. 234, Lic. No. 250 (Adamos Vrachimis)
Member of ETEK Registration No. A201999
https://www.fsbproperties.com
Post Reply