Acquisitions of immovable property situated within an Urban Conservation Area

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 […]

Written By ACT Team

On January 11, 2017
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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.

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].