Selling Land

[Travellor]

I have some land which I am planning to sell, all the paperwork is correct and all the duties are paid and the land was surveyed 2weeks ago and everything is fine.

Could somebody pls tell me all the expenses that will be required to be paid by the seller.

Thanks in advance

[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]

I have some land which I am planning to sell, all the paperwork is correct and all the duties are paid and the land was surveyed 2weeks ago and everything is fine.

Could somebody pls tell me all the expenses that will be required to be paid by the seller.

Thanks in advance

Sorry is this land in the Philippines or Britain, I see a reference to BIR and capital gains tax, sounds like Britain.

[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.

[fred]

Sorry is this land in the Philippines or Britain, I see a reference to BIR and capital gains tax, sounds like Britain.

My reference to the BIR and capital gains is because I believe he is referring to the R.P.
I think this because he has another thread that asks how to transfer large sums of cash from R.P to UK.

[bridgyguy]

My reference to the BIR and capital gains is because I believe he is referring to the R.P.
I think this because he has another thread that asks how to transfer large sums of cash from R.P to UK.

Ah, that seems about right, i just wasn't sure.

What is the setup regarding moving cash from RP into Britain, and what is the conversion rate right now, here in Australia we are at approx 27 Peso for $1, last month it was 34 Peso, and we moved small amounts of cash from Australia each month until last month, it just isn't worth losing that amount right now, although we hope that after the Coronavirus has settled these rates will go back up.

[Travellor]

Just to clear things up the land is in the Philippines. Initially we bought 10 lots, 8 being 300sq mtr each and the 2 corner lots are 275 sq mtr.
Since the purchase we have a daughter and I think the money would be better used back here and besides we have 2 more hectares by lake mainet which I prefer to retire to one day.