Yet another Tax!!! north cyprus

hawkeye


Joined: 12/09/2010
Posts: 334

Message Posted:
26/07/2011 09:06

we received this reply to our questioning of a retrention on the sale of our property..........

"We understand that the vendors intend to use their once in lifetime tax free sale option as outlined in our Guide to Taxes supplied to you previously. As you will have seen from the Guide, this exemption currently only applies to plots with a maximum area of 2 evleks and 2 or fewer trees. As your plot is larger than 2 evleks/has multiple trees, it is possible that some capital gains tax could be payable on the value of the land which exceeds the area of 2 evleks and the trees at the rate of 3.5%. It is impossible for us to predict how much this will be as it depends on the value attributed to the land by the Tax Office at the time of transfer. We have therefore inserted a retention of £2,500 (subject to the vendor’s approval). " That now means for us that the sale of our house has cost us £8,500...............

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
26/07/2011 09:19

It does state this tax in the taxes payable on Naomi Mehmet's website so this is nothing new but it may well catch others out in the future. - http://www.nmplegal.com/pdf/GUIDE%20TO%20TAXES%20FOR%20PROPERTY%20TRANSACTIONS.pdf

cooper


Joined: 23/10/2007
Posts: 3386

Message Posted:
26/07/2011 09:24

Sorry i stand corrected i didn't realise there were 4 evleks to 1 donum. Maybe they have changed the rules again.

hawkeye


Joined: 12/09/2010
Posts: 334

Message Posted:
26/07/2011 09:25

We have been told its a ne one..............Niaomi does get things onto her web site and let people be informed but not many know about it..