debra

We are looking to sell our apartment this year, we purchased it 4 years ago, so from what I can understand if we managed to sell it we would have to pay capital gains tax, as it is under the 5 year rule.

Now when we purchased it, it was at the time when you had the declared price and the actual purchase price. I know we paid over the odds for this place and will probably sell at a loss. However, the declared price was obviously a lot lower than we actually paid. Will we still have to pay CGT on the difference between the declared and actual price we sell it for?

Thanks
Debs

Lorna at Vicenza

As far as I am aware ........... if you buy again within a year after selling, the 5 year rule doesn't come into the equation at all.

Buy again and you can still get the "prima casa" allowance ... a long as you buy within the 12 months.

debra

Hi Lorna

We never actually got the "prima casa" allowance as when we brought it we were not residents. So be paid full tax, cant remember either 7 or 10% of the purchase price.

Not actually looking to buy again in italy. I already have a couple of holiday apartments in Castelsardo, so thinking of moving into one of them for the summer and then buying a small flat back in the UK for 4/5 months in winter.