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
Paying capital gains twice
Sep 22, 2006
4 Replies
Yes. You should be able to claim double taxation relief for the cypriot tax you paid.
Is there a double taxation agreement with Cyprus?
Yes
formatting link
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.
Join the Discussion
Have something to add? Share your thoughts — no account required.
Didn't find your answer?
Ask the community — no account required