Owners of garages that do not exceed 30 square metres can benefit from the First Time Buyers Scheme
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The Minister for Finance and Employment, Clyde Caruana, announced that as from today Stamp Duty for First-time Buyers is to be amended to enable the owners of garages that do not exceed 30 square metres to also benefit from the Scheme and are also buying their first residential property.
The statement said this is part of the Economic Regeneration Plan announced by the Government in June 2020 and all those eligible persons for the Scheme as from 9th June, 2020, to-date, are entitled for a tax rebate on the Stamp Duty that was eligible on the day of the contract.
Over and above, with immediate effect, those individuals purchasing their first residential property will be eligible for the First-Time Buyers Scheme and who are also owners of garages that do not exceed 30 square metres.
Minister Caruana said that over the last seven years about 25,000 persons have benefited from the Scheme while a further 1,000 benefitted from the Scheme for Second Time Buyers. This has enabled families to save €75 million in expenses.
All those entitled to a rebate are requested to email the Documents and Transfers Tax Department to claim their rebate and mail to [email protected] or ring 2299 8110.