Reduced stamp duty on property situated within an Urban Conservation Area or is scheduled by the PA
John Huber & associates
02 January 2018
The Government of Malta has issued a new Legal Notice (LN 371 of 2017) by virtue of which a reduced rate of stamp duty of €2.50 for every €100 or part thereof is due on the transfer of an immovable property when:
- The transfer is made on or after the 10th October 2017 but before the 1st January 2019 to a person who does not require an AIP permit;
- The property is situated within an Urban Conservation Area (UCA) and is scheduled by the Planning Authority (PA) in terms of Article 57 of the Development Planning Act;
- No relief under these rules and article 32(c) of the Duty on Documents and Transfers Act was claimed in respect of any previous transfers of the said property.
The relief provided by these rules shall be forfeited where illegal development would have taken place on any part of the property and / or the property is not regenerated according to the characteristics of the area or restoration of the said property.