I am a UK citizen and there is a property in Greece that my family wants to sell. It is an old property which I (and three more family members) inherited and paid taxes normally. The facts:
- The property was first acquired in 1973
- I have a percentage of the property which increased due to family members passing away
- I intent to transfer the money in the UK in order to buy a house
- You do not pay taxes for selling a property in Greece
I have read that generally, when you sell property you have to pay capital gains. However, I am not sure if this is the case here because it is not a property of which I had any income and it is abroad. On the contrary, we had lost a lot of money for the taxes and repairs in Greece.
Does it still need to be taxed via a self assessment or not? And what calculation will apply?
