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Cyprus Eastern Forum Index » Ask Nigel A Question » Cgt allowance
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Cgt allowance 
Post: #1   PostPosted: Fri Nov 30, 2018 6:25 pm Reply with quote
palmtree
Joined: 28 Oct 2008
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Hi Nigel,I gifted my property to my sister 2 years ago.Does this mean that I have used my one off cgt allowance or Not .regards Palmtree
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Post: #2   PostPosted: Sat Dec 01, 2018 4:44 pm Reply with quote
Baggysdad
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Location: Worcester (& Pernera)

 
No, because gifts to relatives up to the 3rd class of kindred are exempt from CGT.

Siblings are second degree of kindred.
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Post: #3   PostPosted: Sat Dec 01, 2018 5:03 pm Reply with quote
nhowarth
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Location: Erimi, Limassol

 
Hi palmtree

As Baggysdad has said gifts to relatives up to the third degree are exempt from Capital Gains Tax. So the gift will not affect your CGT lifetime allowance.

Regards,

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Nigel Howarth
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Post: #4   PostPosted: Sat Dec 01, 2018 11:17 pm Reply with quote
palmtree
Joined: 28 Oct 2008
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Cheers bagsydad and Nigel.Thats good news .regards Palmtree
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Cgt allowance 
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