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CGT on property sale
Posted: Thu May 18, 2023 9:44pm
Friend asks what CGT to pay on property sale
Non resident bought 2002 approx 60k sterling
2023 property approx 175k euro
Any ideas approx tax to pay on sale.. resident asks
Barry14 wrote on Thu May 18, 2023 9:44pm:
Friend asks what CGT to pay on property sale
Non resident bought 2002 approx 60k sterling
Read more...
2023 property approx 175k euro
Any ideas approx tax to pay on sale.. resident asks
If non resident then 3% of the sales cost is retained to pay outstanding CGT.
The cost would depend on the euro cost when buying so 60k back then would have been about 90,000 euro (ish).
You don't say if that included taxes or whatever and the price on the deeds is the one they go by.
CGT for non residents is a flat 19% of the profit so if they'd made 80k profit it would be about 15k. You can't claim expenses such as taxes, transfer fees or improvements as a non resident.
marcliff wrote on Thu May 18, 2023 10:28pm:
If non resident then 3% of the sales cost is retained to pay outstanding CGT.
The cost would depend on the euro cost when buying so 60k back then would have been about 90,000 euro (ish).
Read more...
You don't say if that included taxes or whatever and the price on the deeds is the one they go by.
CGT for non residents is a flat 19% of the profit so if they'd made 80k profit it would be about 15k. You can't claim expenses such as taxes, transfer fees or improvements as a non resident.
Thank you for your reply
Regards
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