property kdv

ive@karsiyaka



Joined: 24/02/2008
Posts: 169

Message Posted:
13/04/2008 09:17

HI all,



Can anyone advise who much the cost of completion of my sale will cost ie Kdv and other taxes I have heard that Kdv is 5% of the land registery valuation which is around 60% of the true market value.

I paid £150.000 for my villa any ideas on who much I will have to pay in taxes?



Regards Ivan

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
13/04/2008 09:26

5% VAT, 3% transfer fee and 0.03% Property tax. I think now they take the contract price as the value of the property. Thus 8.03% of the value equals £12,045.

ismet

ive@karsiyaka



Joined: 24/02/2008
Posts: 169

Message Posted:
13/04/2008 09:31

Thanks Ismet

TimothyCadman


Joined: 13/12/2007
Posts: 1040

Message Posted:
13/04/2008 10:04

Ismet is correct.

Wish the rules were there 2 years ago when we paid our taxes and got the Kocan.

Our villa and pool cost £80,000. Tapu said the 3% Stamp Duty was to be based on the figure of £135,000. So we paid £4050 instead of the budgeted £2400. Also the 5% KDV was based on the £135,000 too. So after paying £6750 instead of £4000 we found ourselves £4400 worse off than budgeted.

And the response from the Estate Agent when we quoted to him, "don't worry you'll only pay around 60% of the valuation, so it won't be much more, in fact its likely to be less", was "the information given at the time was accurate for the time you bought your property."

I suppose that was true but we can't remember anyone saying, "but things could change in the future."

ive@karsiyaka



Joined: 24/02/2008
Posts: 169

Message Posted:
13/04/2008 10:43

Thanks for you message Tim

gentle


Joined: 25/01/2008
Posts: 29

Message Posted:
13/04/2008 13:25

If you budget for 10% of the value of your property then you wont go far wrong