With effect from 2nd July 2021, stamp duty exemption for first-time buyers will also include those who own a garage of no larger than 30 square meters and will be buying their first residential property.
The amendment to the law was announced on Friday by the Finance and Employment Ministry.
It was pointed out that the promise was first made as part of the Government’s Economic Regeneration Plan announced in June 2020, and therefore, all those who were eligible for the scheme under this new form from 9th June 2020 to date will be entitled to a refund of the stamp duty.
Finance and Employment Minister Clyde Caruana said: “This is another promise of this Government designed to continue to help couples and individuals who are buying their first property.
“Over the past seven years, about 25,000 people have benefited from the First Time Buyers scheme, while another 1,000 people have benefited from the Second Time Buyers scheme. So far, this scheme has left around €75 million in the pockets of Maltese and Gozitan families.”
The first-time buyers scheme has been a successful incentive offered by successive Labour Governments. The current one is due to end in 2021 and exempts those purchasing their first property from paying stamp duty on the first €200,000 of the price of their property.
The second-time buyers scheme is for individuals who, by 31st December 2021, replace their sole residential property with another within 12 months from vacating the first. Duty on the first €86,000, or the pro-rata portion in case of co-acquisition, of the value of the replacement property is refunded.
All those individuals who are entitled to a refund under the amended first-time buyers scheme are asked to send an email to the Department of Taxes on Documents and Transfers on firstname.lastname@example.org or call 22998110
The family business’ story was showcased in the ‘Industry Greats’ section of Business Now winter 2022/2023 magazine
The Cisk Tap sits at the rooftop of The Brewhouse, home of the former Simonds Farsons Cisk Brewery
The Franks director believes success can only be found by seeing and understanding the other party’s point of view