Capital Gains Tax on sale of property

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GuestPoster169Guest14 January 2018 05:30:19

214245

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

ealimbuyaoMember26 April 2018 23:42:09

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 Guest

GuestPoster169Guest27 April 2018 04:32:01

214245

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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