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Old 27th July 2016, 06:50   #1 (permalink)
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Selling tax

Hello. A friend has been told she will have to pay 4% on the total value of her property if she sells as she has held it for less than 5 years. I thought,and told her, that it would be 4% on the difference between her purchase value and the selling price,ie 4% of the gain. Anyone help?
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Old 27th July 2016, 08:13   #2 (permalink)
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Re: Selling tax

Your getting mixed up capital gains tax is exempt if you have had the property more than 5 years , sellers tax as you call it is paid irrespective of how long you have owned the property although this is usually split between the buyer and the seller and it's based on the value declared on the top not necessarily the price paid .
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Old 27th July 2016, 08:15   #3 (permalink)
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Re: Selling tax

[QUOTE=BEZ;1066115]Your getting mixed up capital gains tax is exempt if you have had the property more than 5 years , sellers tax as you call it is paid irrespective of how long you have owned the property although this is usually split between the buyer and the seller and it's based on the value declared on the top not necessarily the price paid .[/QUOTE
So yes she will have to pay some capital gains tax but how much I don't know .
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Old 27th July 2016, 09:08   #4 (permalink)
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Re: Selling tax

The sellers tax will be payable in Turkey, the capital gains tax mentioned earlier, is this a Turkish or UK tax on a property in Turkey?
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Old 27th July 2016, 09:34   #5 (permalink)
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Re: Selling tax

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Originally Posted by IbrahimAbi View Post
The sellers tax will be payable in Turkey, the capital gains tax mentioned earlier, is this a Turkish or UK tax on a property in Turkey?
Both if it fits the criteria.

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Old 27th July 2016, 10:10   #6 (permalink)
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Re: Selling tax

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Both if it fits the criteria.

Martin
Do you mean that the seller may have to pay capital gains tax in both the UK and Turkey?
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Old 27th July 2016, 10:30   #7 (permalink)
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Re: Selling tax

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Do you mean that the seller may have to pay capital gains tax in both the UK and Turkey?
Yes, but the CGT paid in Turkey can be offset in the UK. I think the allowance in the UK is 11,100 per person, ie if there were 2 names on the tapu, and you each made 50,000 profit, you would first pay any CGT due in Turkey, you would then declare the 50,000 on your UK tax return (which you are obliged to fill in by law if you sell assets abroad, even if you make a loss) the tax paid in Turkey is then allowed against your CGT value if the balance is say 35,000 profit your UK CGT paid on that amount - your allowance at a rate dependant on your personal tax rate.

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Old 27th July 2016, 10:40   #8 (permalink)
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Re: Selling tax

https://www.gov.uk/tax-sell-property...rseas-property

This is the bible, my personal expert is busy hanging curtains at the moment and not to be disturbed, there are different rules for people who have elected to choose Abroad as their main residence. You can dig big holes and it can become a can of worms (she shouted) if you only think you know what you are doing. Always seek professional advice.

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Old 27th July 2016, 12:35   #9 (permalink)
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Re: Selling tax

Possibly because of the fiddles by builders putting a much lower valuation on the property/Tapu, you may find you will have to get a property valuation or the Council will already have what they decide is a more up-to-date valuation and nothing like the valuation shown on your Tapu.

Basically, what is shown on the Tapu can not be relied on as being a correct valuation.

In Didim nearly all properties have been re-valued by the council with new figures which can be viewed in their 'Master Book'
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Old 27th July 2016, 13:14   #10 (permalink)
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Re: Selling tax

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Originally Posted by oldfogy View Post
Possibly because of the fiddles by builders putting a much lower valuation on the property/Tapu, you may find you will have to get a property valuation or the Council will already have what they decide is a more up-to-date valuation and nothing like the valuation shown on your Tapu.

Basically, what is shown on the Tapu can not be relied on as being a correct valuation.

In Didim nearly all properties have been re-valued by the council with new figures which can be viewed in their 'Master Book'
Surely there are no values shown on tapus. Non of the tapus that I have ever had have had a value on them.,
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