Calis Beach and Fethiye Turkey Discussion Forum

Property For Sale in Calis Beach & Turkey => Buying Property in Calis Beach, Fethiye and Turkey => Topic started by: helen on August 27, 2009, 15:14:10 PM

Title: capital gains tax
Post by: helen on August 27, 2009, 15:14:10 PM

Does anyone know how much tax you pay when you sell your property
we bought in january 2009 and are looking to sell our apartment and want to by something else here so the money will be reinvested in turkey.
thanx

Title: capital gains tax
Post by: Scunner on August 27, 2009, 15:15:11 PM

25% of the declared profit

Title: capital gains tax
Post by: helen on August 27, 2009, 22:39:21 PM

scunner this is our sole property we have no property in the uk so does this ammount still apply?

Title: capital gains tax
Post by: Scunner on August 27, 2009, 22:42:24 PM

Sadly yes.

Title: capital gains tax
Post by: bee on August 28, 2009, 13:21:50 PM

what does the "declared" profit mean. ;)Bee

Title: capital gains tax
Post by: Scunner on August 28, 2009, 13:31:36 PM

The difference between the untrue value on your current tapu and the untrue value to be put on your purchaser's new tapu :D

Title: capital gains tax
Post by: bee on August 28, 2009, 18:56:14 PM

so say hypertheticaly, you paid £85000 but you tapu says £60.000 then you sell it £100.000 you would pay £10.000 tax .Bev

Title: capital gains tax
Post by: KKOB on August 28, 2009, 19:15:46 PM

Yep.

Title: capital gains tax
Post by: kevin3 on August 28, 2009, 19:45:03 PM

Is there a sliding scale (percentage of tax)over the four or five years from purchase date?

Title: capital gains tax
Post by: Scunner on August 28, 2009, 20:03:38 PM

Yes, keep it for 5 years and pay nothing. 4 years if you bought it before 2005ish, I can't remember and I'm going out :D

Title: capital gains tax
Post by: Scunner on August 28, 2009, 20:07:28 PM

Oh I should say that's 5 years from the date of your tapu, not 5 years from the day you agreed to buy it or 5 years from when you paid for it and the agent stuck it in the bank for 3 years.

Bye  :)

Title: capital gains tax
Post by: bee on August 28, 2009, 22:19:49 PM

we were told 4 years,from 2006, our Tapu came through oct 06, is it 4 years or 5.Bee

Title: capital gains tax
Post by: DianaJ on August 29, 2009, 08:39:04 AM

is there any element of exempt from tax like in the UK, £9600 per year and if property in jnt names then than doubles ??

Title: capital gains tax
Post by: Old Daffodil on August 29, 2009, 10:17:56 AM

www.turkisheconomy.org.uk/buyingproperty/property_taxes.htm

Details are on that site I think.

Title: capital gains tax
Post by: KKOB on August 30, 2009, 14:59:26 PM

Bee,

Yours is still 4 years. It changed to 5 years for properties purchased after 1st January 2007.

However, TL 7,600 of the gain attained from sale is exempted from income tax starting from 1st January 2009. (TL6,800 in 2008) So, there is a small Tax-Free Allowance.

Title: capital gains tax
Post by: bee on August 30, 2009, 16:30:19 PM

Thanks kkob, think I understand it :)

Title: capital gains tax
Post by: Chinook on September 05, 2009, 11:28:39 AM

Is the tax deducted at source before you receive the money or retrospectively as a tax year end declaration as you do with rental income.

Title: capital gains tax
Post by: Andrew H on September 05, 2009, 16:48:02 PM

So someone IS making a profit from a sale then!