Capital Gains Tax
Capital Gains Tax is payable upon disposal of a property. The first £10,000 (CYP) for each person is exempt.
The rate payable is 20%. The gains are the difference between the sales proceeds and the original cost of the property. Moreover, on top of this allowance, the seller is entitled to a further allowance regarding the transfer fees paid, inflation rate per year and the cost of any additions made to the house.