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Cyprus Eastern Forum Index » Ask Nigel A Question » Capital Gains Tax
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Capital Gains Tax 
Post: #1   PostPosted: Fri Feb 01, 2019 5:12 pm Reply with quote
Xhristina
Joined: 29 Aug 2008
Posts: 406
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Location: Protaras

 
Nigel,

Am hoping you can give some advice.
I was under the impression that with Capital gains tax was calculated as follows "The 17,086 deduction rises rises to 85,430 if the property has been the main residence of the tax payer for a minimum period of five years."

However I have informed that it should be, "provided that one lives in the residence for the past five years prior to sale and there are no other previous claims"

Which is correct?, or does it depend on who and when and which Tax office you visit?

Thank you in advance

Regards Xris
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Post: #2   PostPosted: Fri Feb 01, 2019 6:32 pm Reply with quote
nhowarth
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Hi Xristina,

If the property was in use by its owner(s) for a continuous and uninterrupted period of five years prior to its disposal and exclusively used for residential purposes and given that it is sited on land which does not exceed 1500 square metres, the maximum lifetime allowance is 85,430.07

You can find the full text of the law at
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Nigel Howarth
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Post: #3   PostPosted: Fri Feb 01, 2019 7:04 pm Reply with quote
Xhristina
Joined: 29 Aug 2008
Posts: 406
Pictures: 0
Location: Protaras

 
Thank you Nigel I have sent you an email as I'm in a bit of a quandary.

Thanks
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Capital Gains Tax 
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