yes can confirm tax on any
Submitted by pianopiano on Thu, 10/22/2009 - 18:27
In reply to A newbie all over again! by Annec
yes can confirm tax on any gain (- costs) within 5 yr period.However bear in mind the 5 year law is only relevant in Italy - it does not apply in the UK - If you live in UK and your Italian property is a second home, you will still be be liable to UK CGT @18% on any gain (minus costs + annual allowance) to Inland Revenue no matter when you sell.
You would have a capital
Submitted by Ram on Fri, 10/23/2009 - 03:15
In reply to A newbie all over again! by Annec
You would have a capital gain on any profit minus invoiced work made on the property if you did not take 'prima casa' on your purchase - as its a ruin I doubt that you did. If it were a prima casa there would be capital gain if you sold and had residence for less than half the amount of time that you had owned the property.
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