By means of Legal Notice 460 of 2021, the Government of Malta has extended the date by virtue of which a refund of duty is granted to an individual who transfers his residential immovable property (‘the replaced property’) and acquires another residential immovable property (‘replacement property’) within twelve months from the date of transfer of the replaced property. The refund of duty is calculated on the duty paid on the first Eur86,000 of the value of the replacement property and is subject to a number of conditions, all of which must be satisfied.
The applicability of the refund of duty has been extended by another year i.e. to acquisitions of immovable property effected up to the 31st December 2022, provided that the notice of transfer has been submitted to the Commissioner for Revenue on or before the 28th February 2023 (previously 28th February 2022).
