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The deduction of 15% for improvements - against CGT


Jon 1

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Under the CGT regs does the deduction of 15% against CGT after 5years ownership of a second home have to be verified with the notaire?  Do you have to provide receipts or have the improvements inspected or whatever?  Or is it just a straightforward 15% deduction from the CGT after 5 years of ownership?

 

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The tax is based on the selling price less

            The purchase cost  including purchase costs, fees etc.

            Either The invoiced cost of improvements Or a 15% allowance of the purchase cost (No need for invoices)

The gain is further reduced by 10% for each year of ownership after the first five,  ie no tax if owned for 15 years.

A  further reduction of the gain of 1000 Euros if it is the only gain in the tax year.

 

  

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