By means of Legal Notice 3 of 2017, the rules applicable to the stamp duty payable on the acquisition of immovable property situated within a development area known as an Urban Conservation Area or a property which is a scheduled property in accordance with Article 57 of the Development ACT have been amended.
By virtue of these rules, stamp duty due on such acquisitions of immovable property will be subject to a stamp duty of 2.5% in lieu of the general rate of 5%.
Prior to the amendments, the reduced rate of stamp duty was applicable to acquisitions made on or after 1st January 2016 but before 1st January 2017. This has now been extended to the 1st July 2017. Furthermore, a copy of the promise of sale agreement must be submitted to the Commissioner for Revenue before the 1st January 2017.
