The decree-law establishing the exemption from IMT and stamp tax on the purchase of the first license by young people under 35 years of age was published this Friday in the Diário da República and comes into force on August 1.
“This decree-law shall enter into force on August 1, 2024,” says the diploma, which comes into force this Saturday.
This decree-law, which was announced earlier this week by the President of the Republic, includes an exemption from IMT and stamp duty (IS) on the purchase of own and permanent housing provided to persons up to the age of 35 years on the date of purchase.
This exemption applies to homes valued up to IMT class 4, i.e. up to €316,772. For the portion exceeding this amount and up to €633,453, IMT must be paid at the rate corresponding to this group (8%).
Among the requirements to take advantage of this exemption, in addition to age and purchasing a first home, is that the buyer “did not have an interest in or partial ownership of an urban dwelling house on the date of transfer or at any time during the preceding three years” and who is not considered a dependent for IRS purposes in the year of purchase.
The decree-law now published specifies that the verification of these tax exemption assumptions and the calculation of the IMT relating to the purchase of real estate by a couple are carried out “individually in relation to each spouse in equal shares”.
As already indicated, young people lose their right to this exemption and reduction in fees if, within six years, the house is assigned a different purpose than that which gave rise to these tax benefits.
There are, however, some exceptions to this rule, namely in the event of a sale, a change in the composition of the relevant household due to marriage or de facto union, the dissolution of a marriage or de facto union, an increase in the number of dependents, or a change of place of employment more than 100 km away from the building, provided that the building will be used exclusively for residential purposes.