Selling Up And Going

[quentin]

Hi,

My wife and 3 year old son are going to move to Cyprus, we've checked up on everything we have been warned about eg. Health Ins., Taxes, etc, but one thing was mentioned to us yesterday that I don't know the answer. I have been told that when I sell my house in England that I will have to pay a Capital Gains Tax on the profit I make from the sale.

Could someone please advise me on this?


Many thanks.

 

[leonardo]

Hi Quentin
Do you already have a home in Cyprus? If so then depending on the tax laws there you might have to as you would be selling your second home. However if it is your only home then no you should not be paying CGT.

In my situation for instance I have to make sure I sell my house in the UK before I move to my house in Spain, otherwise I will be charged CGT in Spain on my house sale in the UK. Unfortunately though there is a chance that when I eventually sell my house in Spain I will have to pay Spanish CGT on that one!
See you soon