If the property was bought before 1st January 1980, the ‘gains' are the difference between the selling price and the value of the property as at 1st January 1980. The seller is also entitled to further allowances, based on any transfer fees paid, inflation and the cost of any additions to the property.

If the owner lives in the property continuously for at least five years before disposal, the ‘gains' are exempt up to CY£50,000.