Hi
I have a holiday home in cyprus which I intend to sell in the near future. I will have to pay CGT on the cypriot side but do I also have to pay CGT in this country as well.
Regards
- posted
17 years ago
Paying capital gains twice
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- posted
17 years ago
Yes. You should be able to claim double taxation relief for the cypriot tax you paid.
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- posted
17 years ago
Is there a double taxation agreement with Cyprus?
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- posted
17 years ago
Yes
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- posted
17 years ago
I can't answer as regards any possible Cypriot CGT, but if any is payable, then it will be possible to claim Double Taxation Relief in the UK. That is, the UK CGT bill on the sale of the property would be reduced by any Cypriot CGT payable, but not of course reducing that UK CGT amount to below £0.