Turkish Living Forums - TAPU and House valuations

7th December 2007, 12:54

#21

Harem

Ridundent Spel Cheker

Re: TAPU and House valuations

Quote:

Originally Posted by terry and susan cocks

Hi Lorna
It would totally kill off the property market in Turkey and I think thousands would pull out.
We bought back in Xmas 2005 and this subject has never been solved by Turkish websites,embassy notes,emlaks,or solicitors or anybody

Problem is, Terry, that many thousands cannot pull out. They can't just leave their properties and not come back here at all.

7th December 2007, 15:08	#22
Dellol Senior Member	Re: TAPU and House valuations Hi all, I hope nobody is getting panicked here, as Terry said, thousands of people are in the same situation. A blind eye has been turned, but now slowly it seems that they are acting on it. At the end of the day, presuming you paid the Government tax on the actual paid amount instead of on the Tapu amount it just has to get cleared in the end. You can just say you did not realise that the amount on the Tapu was stating it was the actual purchase amount and you were not told this. In the case of POA surely, it was them that were completely at fault. It should be straightforward but it's not, but in the end with thousands being in the same situation, it has to win out. My own personal advise, for what it's worth is to do nothing for now unless you are selling and have to pay capital gains tax on the difference of what your Tapu says and what your now sellling price is. I would then play dumb with your Solicitor,, say you didn't know what that figure was and that you paid a lot more, where you will then have to produce receipts etc. Lorna

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7th December 2007, 23:17	#23
Guz1 On a slow learning curve	Re: TAPU and House valuations Lorna, Thanks for keeping us informed. The big issue for us would be the amount of any fines involved because they would have to be fairly hefty to match Irish CGT should we sell our house. I'm curious to know whether the authorities sought out that couple or did they invite trouble by trying to have the correct purchase price inserted on their Tapu at a later date. Could this be a case of the authorities making life difficult for foreigners who rocked the boat? Somehow, I can't imagine the authorities investing the time, trouble and expenditure involved in chasing up every foreign buyer when it would be so much easier to investigate the emlaks.

2nd January 2008, 13:56	#24
Rachels100 Senior Member	Re: TAPU and House valuations Hello our solicitor was our power of att and he underdeclared the value on our tapu and we did not know until it was posted to us. When we then asked about the price diff, we were told it was the norm and correct. So I am hoping if we decide to sell we dont have to pay any cap gains at all as we intend to sell ( if we sell) for about what we bought it for. Many people have been told it was the right thing , lower value on Tapu etc and I was not there to stop it or see it happening. We may have to sell before our 4 years are up and feel it was not our fault the wrong value was put on the tapu as we were not around to see it happening etc and we hired a good solicitor who done our Tapu and said everything was above board.

2nd January 2008, 21:48	#25
cheeky chops lifes a beach	Re: TAPU and House valuations we also used our solicitor as poa we have questioned the process many times and been told this is how it is done and it is set by the local deeds office we also have paid the tax on a considerable amount less than what we paid it is on 32.000 ytl not 46.600 gbp this is the value that our local or regional deeds office set as a realistic valuation for a 2 bed property in there area.by doing this we paid £420 gbp not £1398 gbp 32.000ytl x 3 % = 960 ytl divide by 2.28 exchange rate (we were given at the time) = £420 gbp 46.600gbp x 3 % =1398 gbp so realy in fact we paid less than 1% tax if you look at £420 is the figure paid on £46.600 ok we may owe £1000 the developers are not declaring roughly 32 grand gbp profit through there books surely this carries more problems in the long run as a company in turkey rather than a property owner owing roughly a grand with no problem of capt gains if not sold in the 5 years from the tapu date not purchase date of first payment date then im prepared to sit back and wait as most other people have done and wil do for many years to come one other thing is the turkish government have talked about removing the capital gain in the past who knows they may even increase it to 10 years cheeky chops