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redrosie22
05-06-2006, 12:45 PM
we are thinking of selling our apartment which we have had for nearly six years and buying a bungalow or similiar, is it true that we would have to pay 35per cent capital gains on the profit and also pay out ten per cent extra on the purchase price. if this is the case which i beleive is so it makes it very difficult to move up the ladder as it will cost us approx 17,000 in capital gains and another 10,000 for costs on buying new property. Is there anyway around this as it makes it impossible to move.we are non residents. I know i have to pay 5% on completetion of sale how are u made to pay the extra.

Expert advisor
06-06-2006, 01:22 PM
In response to your message, I can inform you that you are right in the costs, being 5% retention in account of the 35% of the profit made. It does not exist any other way that exempt you from paying the Capital Gain tax, however you can deduct all the expenses that you paid for the purchase of the house.

Should you have any further question, please do not hesitate to contact us.