Capital Gains Tax on property owned less than 12 months
#1
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Capital Gains Tax on property owned less than 12 months
Does anyone know if there are other rules, if you want to sell a property you haven't owned a full year? Is it still 21% as a non resident?
#2
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Re: Capital Gains Tax on property owned less than 12 months
Non residents now pay cgt at the same rate as residents,
I don't think it matters how long you have owned it, but someone will correct me, if wrong!
I don't think it matters how long you have owned it, but someone will correct me, if wrong!
#3
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Re: Capital Gains Tax on property owned less than 12 months
#4
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Re: Capital Gains Tax on property owned less than 12 months
A few miles away, actually, living in UK!
#7
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Re: Capital Gains Tax on property owned less than 12 months
People have previously talked about exemptions from the dreaded CGT but not stated what the rate or rates are so it is of interest to me, any thoughts or preferably facts?
#8
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Re: Capital Gains Tax on property owned less than 12 months
Not London, couldn't afford a shed there!
We're oop north
We're oop north
#11
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Re: Capital Gains Tax on property owned less than 12 months
The other thing would be how do they actually calculate? One example would be valor catastral. It's not always the case that the valor catastral is lower than the purchase price (especially these days), so when you actually sell again and make a profit, do they calculate from the purchase price or the valor catastral value
#12
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Re: Capital Gains Tax on property owned less than 12 months
The other thing would be how do they actually calculate? One example would be valor catastral. It's not always the case that the valor catastral is lower than the purchase price (especially these days), so when you actually sell again and make a profit, do they calculate from the purchase price or the valor catastral value
#13
Re: Capital Gains Tax on property owned less than 12 months
You use the actual purchase price and the actual selling price with deductions for legal fees etc.
#15
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Re: Capital Gains Tax on property owned less than 12 months
If you have to pay the tax based on the catastral value, then the gain should be on this value, if higher than purchase price. I'm sure there must be a legal way around this, because how can you charge a tax based on a value, if it apparently didn't have the higher value when you want to sell. One option might be to enter the catastral value as purchase price? I don't know how it works but there are many cases where the council comes a year later to collect the catastral value tax, because most people paid tax based on the purchase price.