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TRNC Income Tax
| Chargeable Persons |
| Individuals |
| TRNC Residents |
| Worldwide Income |
| 6 Months + |
| Rates |
| £1 - £1000 10% |
| £1001 - £2500 20% |
| £2501 - £5900 30% |
| £5901+ 41% |
Allowances From Gross Income you can deduct:
Personal Allowances - £2500
Special Allowance - 20% of Income
Married Couple Allowance
Children Allowance
Problem
No Double Taxation Agreement (DTA) between TRNC and UK, therefore tax is paid twice
North Cyprus Capital Gains Tax
Seller
On selling price you pay 3% Capital Gains tax, or 6.25% Capital Gains Tax if
you have made 3 or more sales in one year and 5% VAT.
Buyer
On purchase price you pay 3% Sales Tax. For other transactions you pay
0.2% from parents to children, 0.4% from husband to wife and 0.4% from
grandparents to grandchildren.
North Cyprus Inheritance Tax
Chargeable
Persons
Individuals
TRNC residents liable to Inheritance Tax on Worldwide assets
Worldwide assets include UK assets
Residents that stay in TRNC for more than 6 months in a tax year
Rates of Tax
First £100,000 exempt - personal allowance
Can deduct funeral expenses and debts
Spouse and child allowance - £10,000
Balance taxed at 1%
Executors are responsible for tax
If you are unsure of what action you need to take please contact us |
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