Taxation in relation to immovable property

The Minister of Finance has in his Budget Speech for the year 2024 announced that: (i)        has been constructed more than 20 years ago and has been vacant for more than 7 years; or (ii)       is situated in an UCA.

Written By Stephen Balzan

On November 6, 2023
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The Minister of Finance has in his Budget Speech for the year 2024 announced that:

  • The scheme applicable for first time buyers and second time buyers will be extended for another year.
  • No income tax and stamp duty will continue to apply on the first €750,000 of the value of the property transferred when such property:

(i)        has been constructed more than 20 years ago and has been vacant for more than 7 years; or

(ii)       is situated in an UCA.

  • As from the year 2022, first time buyers who purchased a property will continue to benefit from a yearly grant of €1,000, for a period of 10 years.
  • No income tax on capital gains and stamp duty will be charged on the first €200,000 of the value of the property in cases where the property is transferred to tenants who previously leased the same property for a number of years or paid subsidised rent, under a scheme administered by the Housing Authority. 
  • As from next year, the reduced rate of stamp duty on the acquisition of immovable property in Gozo will no longer apply.

How can we help?  

 

For further information, please contact us on [email protected]. ACT can help you understand the changes to the income tax, accounting, corporate and VAT 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 +356 21378672 or send us an email on [email protected].