Real Estate /
Advice on what Polish city to invest in.... [101]
Hi Nick & Anna,
As I understand it, if one buys a property (ie. signs the final agreement) after 1st January 2007, the Capital Gains Tax (CGT) is now 19% on the profit irrespective of
how long one has owned the property.
The rule of owning a property for a period of 5 years resulting in a CGT
of zero is no longer applicable. However if one is resident at the
property for a period of 12 months this makes one exempt from CGT.
I also believe investing the funds from a sale will no longer make you exempt from paying CGT - I will check with my contact in Poland for verification.
This is for Polish residents, but for anyone residing in UK , then the Inland Revenue will want there cut !
If you pay the 19% in Poland then Mr Taxman here in UK will want the remaining 21% !
Most property analysts have said that 2007 will be a good year for Poznan and Lodz in terms of capital appreciation.
What is the location for the apartments you are considering buying ? .... are there good transport links,shops, recreational areas nearby ?