Amendment to the Duty on Transfers (Exemption) Order

By means of LN 187 of 2017, the Government has amended the above-mentioned Order.

This Order provides for a reduced rate of stamp duty to a transfer inter vivos of immovable property which satisfies a number of conditions: The conditions are:

1. the transfer is made on or after the 1st January 2016 but before the 1st July 2017 to a person who does not require a permit by the Minister for the purposes of the Immovable Property (Acquisition by Non-Residents) Act;
2. the property is situated within an urban conservation area or is scheduled by the Planning Authority.

By means of the amendment, the date by which the transfer has to be made has been extended from the 1^st July 2017 to the 1^st October 2017.

The reduced rate of stamp duty is two euro and fifty cents for every one hundred euro or part thereof of the amount or value of the consideration for the transfer of the property or of the value of the property, whichever is the greater.