Extend by three months the
During 2021, property sellers and buyers saved € 151 million in tax.
“By the end of December 2021, anyone who was buying property and registered the agreement could benefit from a preferential 1.5% stamp duty rate if one signed his contract by the end of June. This period is being extended by another three months until the end of September in order to make it easier for families to benefit from this measure. ” This was stated by the Minister of Finance and Labor Clyde Caruana during a press conference in Senglea.
Minister Caruana explained that there are currently 8,615 agreements registered and in the process of signing the property contract and benefiting from this measure. After hearing the suggestions of the notaries, banks and various people who are buying and selling the property, the Government decided to extend the six-month period for signing the contract by another three months until the end of September 2022. This is so that the Government will give more chance to all those who are in this process to complete their research and benefit from the tax reduction. The value of these properties amounts to € 1.7 billion and between them they will save around € 50 million in tax.
The Minister also explained how during the year 2021 26,600 property contracts were concluded, between which they amounted to € 5.1 billion in transactions. In total, these sellers and buyers saved around € 151 million in tax.
Minister Caruana also gave an account of another measure announced in the Budget that of the exemption of the Capital Gains tax and the stamp duty in full on the first € 750,000 of the property price which has been built for over 20 years and has been vacant for over 7 years and a property located in UCA.
The UCA property scheme has so far benefited 250 sellers and 96 buyers, with a total saving of € 2.7 million, while the vacant property scheme has so far benefited 40 sellers and 7 buyers and between them. saved with € 100,000. The value of these properties exceeds € 23 million.
The Minister also reminded that in addition to this, one can benefit from other schemes such as grants of up to € 30,000 to the First Time Buyer, as well as the granting of the value of VAT paid on restoration or refining up to a maximum of € 54,000. .
For more information on these schemes, call Freephone 153.
