zygiman

The Property Sales campaign is an opportunity for you to bring your tax up to date if you have sold a residential property, in the UK or abroad, that’s not your main home. If you made a profit but have not told HM Revenue & Customs (HMRC), you might not have paid the right amount of tax. To take advantage of the best possible terms you must voluntarily disclose your income or gains and pay what you owe by 6 September 2013.

After 6 September, HMRC will use the information it holds to target those who should have made a disclosure under this campaign and failed to do so.

More information here http://www.hmrc.gov.uk/campaigns/psc.htm

This will be a chance to all those who sold property and not declared the profits, to tidy up their tax affairs.

Good luck!

Mitzyboy

I dont think there are that many people who are being able to sell their homes easily let alone make a profit

Veronica-K

Absolutely. I would think there won't be many people who will have problems

zygiman

There are still many people who have purchased property a long time ago too.

Mitzyboy

Yes of course ...... I dont know what its like there, but in Spain property prices have dropped. People who bought boxes on Urbanisations years ago either cant sell, or are having to sell at next to nothing. The banks have taken back a lot of houses and are now busy dragging the property market down by selling at stupid prices on their web sites just to get their loans back.

zygiman

Yes, the same in Cyprus. Developers have sold properties twice over, developers owe banks millions and the banks have many properties, paid in full by purchasers as security against developers loans. Prices are coming down, but slowing down to an extent.

The Russians are buying a lot in Limassol and the Chinese are moving into Paphos, because if a person from outside the EU purchases a home for €300,000 or more, they get a residents visa, which means they can travel within the European Union visa free.

Many Estate Agents have closed down, with employees setting up at home. What many people do not realise is, that if an Estate Agent is not registered with the Cyprus Real Estate Agents Association, the commission charged by that Estate Agent wil not be considered a cost for off setting against Cyprus Capital Gains Tax.

The Troika is in Cyprus, and one of the proposals is to begin with repossessions. they are haggling over the length of time a bank can move in and repossess. The last government put a lengthy time limit it on it, but the new government will probably say aroun 18 months. if a mortgage or a developers loan is not being paid off during that time, then it is calculated as a non performing loan, and the bank can repossess. This wil of course depress property prices even more, just like in Spain.

Draconian Immovable Property Tax proposals just got scrapped yesterday and new proposals will be considered due to the bailout.