12/10/2021
A recap of some of the pointers brought up at last night's budget announcements for 2022;
🔹No capital gains tax or stamp duty on the purchase of properties that are more than 20 years old and have been vacant for seven years or more, in UCAs or built in the 'traditional style'.
🔹First-time buyers of such properties will also receive a grant of €15,000. That grant rises to €30,000 for Gozitan couples who buy such properties in Gozo.
🔹People who renovate these properties will get a refund of VAT up to €54,000 on the first €300,000 spent on renovation works
🔹Existing schemes for first-time and second-time buyers and those buying a property in Gozo will be extended for another year
🔹Rent subsidies for businesses extended
🔹Tax due on the first €200,000 of the value of properties bought or sold and rented for at least 10 years to tenants eligible for the rent benefit given by the Housing Authority will be halved
🔹Schemes to help home ownership for the disadvantaged extended as well as €300,000 to church's Foundation for Affordable Housing
🔹Pre-1995 rent housing valued at up to €250,000 that needs structural repairs will eligible for subsidies of up to €25,000
🔹Tax benefits for private property rented out as affordable housing
