Selling Land

[fred]

I can`t remember all of the expenses but the main one for the seller is Capital gains tax to the BIR..
I think that the % was reduced to 6% during the last tax reform..

Usually the selling amount declared to the BIR is a fraction of the true selling price..It`s common practice here.
The problem is,if you attempt that,and the UK bank wants a proof of fund source,it could get a bit tricky!

[bridgyguy]

Oh dam i wish we can edit our posts for a short period after posting, i often type stuff and post it, then realize i had other stuff to add, but i can't.

If a Filipino had dual residency/citizenship in both Britain and the Philippines, and you owned property in the Philippines and sold it, are you required to declare this sale in Britain as part of your taxation system.

I am Australian and even i am not familiar with our laws regarding this topic, and i should know because i do own several Condo's in the Philippines and not sure what i need to do if i sell them, i would assume i need to declare 3 out of the 5 as i bought them using money i saved/earned in Australia, the other 2 i bought from funds i made from business ventures in the Philippines.