With reference to the preferential rate of duty on the purchase of property situated within an Urban Conservation Area, as announced by the Minster for Finance during the Budget Speech, please find following the guidance note issued by the Inland Revenue Department:
In the case of a transfer inter vivos of immovable property situated within an urban conservation area or scheduled by the Malta Environment and Planning Authority in terms of article 81 of the Environment and Development Planning Act or any Act which may be substituted therefor, the duty otherwise chargeable in terms of the Duty on Documents and Transfers Act shall be chargeable at the rate of two euro and fifty cents on every one hundred euro or part thereof (i.e.: 2.5%) of the amount or value of the consideration for the transfer of the property or of the value of the property, whichever is the greater.
Following the declarations made during the Budget Speech 2016 relative to the extension of the scheme for the relief from duty for First Time Buyers (FTB) from the 30th June 2015 to the 31st December 2016, please note that the following guidelines are to be followed.
A public consultation on the incentives required to put dilapidated property on the market may be on the cards in the next Budget, the Prime Minister said this morning. Joseph Muscat was addressing the media ahead of a meeting with the Malta Developers Association at his office. The talks are part of public consultation in the run up to the 2016 Budget which will be announced on October 12.
