Capital Gains Tax on vehicles and properties

The Inland Revenue Department has confirmed that individuals selling their residential property or personal vehicles can now do so without paying tax under new rules. For property, sellers are exempt if they have held ownership for at least three years and lived at the location for over two years, with transfers to family members also tax‑free.

On vehicles, the amended act removes the previous tax system, making all personal vehicle sales from April 1, 2024 fully exempt, regardless of age, condition, or model.