The percentage charged as Capital Gains Tax for selling your asset depends on when you bought or built the house or acquired the asset which you intend to sell.

1.       If you acquired an asset before 22nd  February 2019, Capital Gains Tax is charged at:

(i)      Five cents  for each dollar of the capital gain determined in accordance with the capital Gains Act (Chapter 23:01)

(ii)    Five United States  cents for each United States dollar of capital gain determined in accordance with the Capital Gains Tax Act (Chapter 23:01) 

2.       If you acquired an asset after 22 February 2019, Capital Gains Tax shall be

(ii)    Twenty cents for each dollar of the capital gain determined in accordance with the Capital Gains Tax Act.

(iii)  Twenty cents for each United States dollar of capital gain determined in accordance with the Capital Gains Tax Act.

NB: capital gain is selling price less costs known as allowable deductions.

Examples of allowable deductions are:

•   cost of acquisition or construction of the house
•   cost of improvements, additions and alterations to the house
•   selling expenses of the house
•   an inflation allowance of 2.5% per annum on costs which will be proportioned to the period applicable.
• The costs should have relevant paperwork to prove that they were incurred by the seller.