Government exempts heirs from duty on documents

All properties located within Urban Conservation Areas (UCAs) and Grade 1 and Grade 2 scheduled buildings exempt from duty on documents.

Finance Minister Tonio Fenech (second from left) with environment minister Mario de Marco, announces the exemption scheme in Valletta.
Finance Minister Tonio Fenech (second from left) with environment minister Mario de Marco, announces the exemption scheme in Valletta.

Government has announced a scheme to exempt transfer of shares between heirs of privately owned residential properties from payment of duty on documents.

This will apply for the next two years to all properties located within Urban Conservation Areas (UCAs) and Grade 1 and Grade 2 scheduled buildings.

The scheme was announced by Finance Minister Tonio Fenech and the Environment Minister Mario de Marco.

The scheme is the second in a series of financial incentives announced in the government budget for 2012 with the aim of promoting sustainable urban regeneration. The scheme aims to help to consolidate the ownership of these buildings, which would help the owners to invest in their maintenance and restoration.

Launching the scheme in Valletta, which has one of the highest percentages of vacant residential properties on the Islands, Tonio Fenech explained that this scheme will support investment in our urban environment, and thus lead to the regeneration of our village cores, while generating economic activity and job creation particularly in the construction sector.

Explaining the relationship of the scheme with environmental policy priorities of the dovernment, de Marco stated that the National Environment Policy recognises the need of providing fiscal incentives to owners of scheduled properties and those within UCA. 

De Marco said that government is launching an incentive that helps to consolidate ownership, which would, in turn, help to create pre-conditions for effective investment in property restoration.

Heirs of privately owned residential properties located within Urban Conservation Areas (UCAs) and Grade 1 and Grade 2 scheduled buildings may apply for the exemption from duty on documents by completing an application form available from www.mepa.org.mt and submitting it for endorsement to the Malta Environment and Planning Authority (MEPA) offices at St. Francis Ravelin, Floriana or in Victoria, Gozo. The application form endorsed by MEPA is then returned to the applicant, who may present the form to any Notary Public to effect the deed of transfer or promise of transfer.

The Notary Public shall then forward the relevant documents related to the deed/promise of transfer to the Capital Transfer Section of the Inland Revenue Department, which would effect the exemption provided that all conditions for such exemption are met.

An applicant can apply for exemption on all the shares of all the privately owned residential buildings that they may possess. The process is explained in detail on the MEPA website or on telephone number 22901530, or via email on [email protected].

More in Budget 2012
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This will apply for the next two years to all properties located within Urban Conservation Areas (UCAs) and Grade 1 and Grade 2 scheduled buildings. Why only for the next two years? Oh yes an election is being held within those two years. Clowns.
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Komplu, komplu roxxu l-bzar. Dak li jigi ghalija u jaqblilna nehduh, nehduh u kif! Pero' meta nkunu fil-kamra tal-votazzjoni m'ahniex se ninsew il-hnizrijiet u t-tbazwir li ghamiltu matul dawn l-4 snin, biex ma nsemmux kif bazwartu pajjiz shih. Xi 4 imzazen se idahhlu fix-xibka zgur. Pero' mhux il-poplu kollu mazzun. Roxxulna kemm tridu bzar izda il-vot taghna b'xiber imnieher tohduh!