advice on capital gains tax

[samson]

Has anyone who has sold a property in Turkey been stung for Capital gains tax in the UK ? If so what percentage and is it on all the money from the sale or just on the profit made. Have been on the government website but it is not very clear. any feedback appreciated. Thanks

Linkback: https://www.enjoykalkan.com/forum/index.php?topic=13661.0

[alantj]

Yes, but you don't get stung its up to you to inform HMRC on your tax return.

You can find the basic details at:

http://www.moneysavingexpert.com/banking/tax-rates

It is payable on just the profit less the annual allowance at 18% until you hit the higher tax band and 28% after that.

One wrinkle that may affect you is whether your property is classed as residential (28% tax) or a holiday home (20% tax if you meet the criteria about minimum number of days available/let).

Your tax office will help you calculate the tax if you provide them with the details in advance however if like most people you submit just before the deadline you have to calculate it yourself.



 

[samson]

thanks