Capital Gains Tax on sale of property

GuestPoster169

14 January 2018 07:30:19

GuestPoster169

14 January 2018 07:30:19

I have a new house in Baguio that I will be marketing in the next few weeks (as soon as the paint dries!) as we have decided to live elsewhere due to personal circumstances

I understand that 6% CGT is payable by us on completion of the sale. However, if we were in the UK and selling one house but purchasing another the CGT would be waived
... as CGT is aimed at developers building and selling houses for a profit, and not to live in.

Can anyone advise me what the situation regarding CGT is here in the Philippines? Thanks in advance.

ealimbuyao

Member

Member since 01 March 2015

ealimbuyao

27 April 2018 01:42:09

ealimbuyao

27 April 2018 01:42:09

Hi, Dimps99. When I bought a house in Baguio in 2011, the seller negotiated that I (the buyer) pay the 6% CGT. I accepted it because he significantly lowered the price of the house. Maybe, you can negotiate with the buyer.

By the way, do you have a link of your property for sale?

GuestPoster169

27 April 2018 06:32:01

GuestPoster169

27 April 2018 06:32:01

Hi ealim,
I haven't advertised the property yet, and unless I can find a way to avoid paying the CGT I will probably rent it out instead.

If you are looking for a long-term rental deal on an unfurnished new house I can get details to you.

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