[zeytin]

Hi all, There has been a lot of info on this forum about banking and interest rates but nothing about capital gains tax. We are in the process of selling up and moving to turkey, but have now heard we will be hit with capital gains tax on our property. Up to now the only way around it i can find is to declare ourselves non residents of the uk, which means we can only visit for a certain amount of time. What has everyone else done in this situation. Thanks Steve.

[mickycoops]

Hiya Steve, The way I understand it you are not liable to CGT on the sale of your main residence providing certain conditions are met. These include things lie having lived there as your main home, not using it for businesss purposes etc. Check the Inland Revenue website for full details mate but I think you'll be okay. We've bought in Kusadasi and are thinking of doing the same in the future.

[slimjim]

hi steve
mickeycoops is correct at the moment no cgt is due on your main residence (subject to non commercial usage) .the govt has looked at the possiability of taxing property over 250k but as yet its only a theory.
chec inland revenue site also have a word with your bank manager ,citizens advice or any financial advice service
one thing people may have to be carefull of is if you have had a lodger in the last 5 years (excluding dependent children)as well as being accountable for income tax it can (again due to certain circumstances) attract a % of cgt.again if this applies to anyone check out liability with above suggestions.
jim

[ben]

There is no capital gains tax due on main residence propertys when sold in the Uk for certain

There might be some if you sell your home in Turkey though in the future even if you have lived there as turkish rule are different .

[zeytin]

Thanks everyone for the help, Glad to know and i feel reassured now. Mavis