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Budget 2016 | Measures related to Property

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Following the Budget Speech for 2016, announced yesterday by the Hon. Minister of Finance, the Hon. Prof. Edward Scicluna, hereunder is short summary in point form, of some initiatives related to property.

  • Exemption from paying duty for first-time buyers is being extended retrospectively from 1st July 2015 up to December 2016
  • 15% final withholding tax on rental income to be availed of also by owners of commercial premises.
  • Reduction in duty on the transfer of a property in an Urban Conservation Area (UCA) decreased to 2.5% (from 5%) on contracts finalised between January and December 2016.
  • Reduction in final withholding tax when a property in an Urban Conservation Area (UCA) is restored and sold decreased to 5% (from 8%)
  • Period after which empty inherited property can be sold, following agreement on price by 51 per cent of heirs, reduced to three years (from current 10) – measure to come into effect by March 2016.
  • 10% initial deduction of capital expenditure and 2% annual wear and tear capital allowance to be extended to office premises.
  • A consultation process will be launched to discuss dilapidated commercial property and how to oblige these owners to keep their property in a good state and what sanctions should be applied if they do not.

The way these measures will be implemented will be announced in due course.