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costs of selling

Discussion in 'Buy-to-Sell Property' started by SLB, Apr 21, 2009.

  1. SLB

    SLB New Member

    I bought a property in Portugal to sell it I read:

    Capital gain tax in Portugal – if you’re resident in the country and sell your home then unless you reinvest the profits in another property (at which time any gains made will be tax free) you will be liable to pay income tax on 50% of the gain made, payable over a five year period. If the property you own in Portugal is a second home – i.e., you are not resident in the country then you will be taxed on all the gains made at a flat rate of 25%.

    I am UK resident will I have to pay any capital gain tax in UK
    I suppose to make a profit of about 20000euros

    already 5000euros to Portuguese authorities how much tax credit in UK will I get.

    Please help?
     
  2. mickthepropertyguru

    mickthepropertyguru New Member

    You will have to pay 25% in Portugal but I dont think you will have to pay any in the UK as CGT is 18%. Since UK CGT is lower than 25%, I don't think you will have to pay any.
     
  3. Damian George

    Damian George New Member

    i am not a expert but i believe that mick is right.

    let me know if you need help bring euros back to the uk.
     
  4. SLB

    SLB New Member

    thanks,

    My concern is if I will get tax credit because I paid more tax than in UK.
     
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