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Cyprus Eastern Forum Index » Ask Nigel A Question » Transferring a Property into Joint Names
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Transferring a Property into Joint Names 
Post: #1   PostPosted: Thu Nov 29, 2018 3:37 pm Reply with quote
chris
Joined: 10 May 2006
Posts: 515
Pictures: 1
Location: North London

 
Hi Nigel

Don't know if you have the answer to my question, and my apologies if it's been answered before.

Our house in Cyprus is currently in my wife's name (she is a Greek Cypriot born in Cyprus)

My wife used up her CGT Lifetime Allowance of 17,086 when we sold our flat in 2005; we are now selling our current house, and have a buyer.

My research indicates that if the title of the property is transferred into joint names, I would then have own Lifetime Allowance of 17,086 which would help reduce the amount of CGT we would have to pay.

I also understand that the LR Fee for such a transfer is 0.4% of the 1980 value shown on the Deeds. We intend to use an Accountant for preparing the Capital Gains Tax return for the Tax Office.

Hope that you or other Forum members may be able to answer my questions.

Thanks

Chris

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Post: #2   PostPosted: Thu Nov 29, 2018 7:03 pm Reply with quote
nhowarth
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Hi Chris

When you say your wife used up her CGT Lifetime Allowance of 17,086, presumably she sold earlier properties she'd owned and this last sale used up the remainder of the her lifetime allowance of 85,430.07?

Your wife can gift a half share of her property to you. The Property Transfer Fees will be one ten thousandths of the value of the share at 1/1/2013. (I'm not sure whether you'll be entitled to the 50% discount.)

You can find the Land Registry fees at http://www.news.cyprus-property-buyers.com/wp-content/uploads/2016/11/Rights-and-Fees-Nov-2016.pdf

Regards

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Transferring a Property into Joint Names 
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