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Exemption from IMT and Stamp Duty for young people regardless of income
Young people up to the age of 35 may benefit from an exemption from IMT and Stamp Duty on the purchase of their first home regardless of their income, the Minister of Youth and Modernization said today.
© Lusa
Economia Jovens
"There's no income limit", said the Minister of Youth and Modernization, Margarida Balseiro Lopes, at the end of the Council of Ministers that took place today in Braga and in which several measures aimed at the youngest were approved.
The limits to this exemption, she explained, will be placed at the level of the value of the acquired properties, with total exemption from those taxes up to the 4th IMT bracket, that is, up to 316,772 euros.
For houses with a higher value, there will be an exemption on the portion up to 316,772 euros, with the taxes due being paid on the portion between 316,772 euros and 633,453 euros. For houses that exceed this level, taxes will be paid in full.
This measure will still have to be legislated in parliament, but the goal is for it to come into effect on August 1.
"The measure is expected to start on August 1 and initially the exemption request will have to be made in person at the Tax Office", said the minister.
The Government will financially compensate the municipalities for this loss of revenue, said the Minister of Youth and Modernization.
The value on which the IMT is levied is the highest between that which appears in the property register (that is, the property's taxable value that is being transacted) and the value in the deed (that is, the sale value).
Read Also: Young people with total IMT exemption on house purchases up to 316,772 euros (Portuguese version)
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