Author Topic: Selling a property and capital gains tax  (Read 907 times)

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Offline woody

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Selling a property and capital gains tax
« on: June 22, 2022, 16:52:40 PM »
Hello to everyone, if anyone can help me with this i would be very grateful.
 Due to health reasons i am considering selling my Turkish house next year of which i have owned for the last 20 years, however the issue with Capital gains Tax is confusing me so the questions i am asking are as follows.
Am i correct that no CGT is payable in Turkey as long as i have owned the property for 5 years or more? If so will i be required to pay CGT when i transfer the funds to the UK?
Also the time of selling i will be a UK pensioner and none Taxpayer.
Thanks in advance.
Woody



Offline Rana

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Re: Selling a property and capital gains tax
« Reply #1 on: June 22, 2022, 17:06:22 PM »
Hi woody, I'm not sure about cgt but as I'm aware if you sell a property you have to transfer the funds into TL into a Turkish bank first before transfer to UK, so this could be at a loss to the seller according to rate. This is a fairly new thing. I'm not sure on full details but along those lines.

Offline Steve A

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Re: Selling a property and capital gains tax
« Reply #2 on: June 23, 2022, 01:01:03 AM »
If you’ve owned over 4 years no CGT in Turkiye so only depends on what you disclose in UK I have a man who can help if you pm me

Offline woody

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Re: Selling a property and capital gains tax
« Reply #3 on: June 23, 2022, 14:08:42 PM »
Thanks Rana and Steve.
Unless circumstances change thing won’t be happening until next year so no rush yet.




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