Exemption from IMT and Stamp Duty (IS) on the purchase of a first permanent home for young people under 35 comes into effect this Thursday.
The IMT and IS exemption is a measure that can be taken advantage of by all young people when purchasing their first permanent home, provided they are 35 years of age or older on the date of purchase.
To be eligible for benefits, young adults must not be considered dependents for IRS purposes in the year they purchase the home.
This exemption applies to homes valued up to IMT class 4, i.e. up to €316,772. For the portion above this amount and up to €633,453, IMT must be paid at the rate appropriate to that group (8%).
In practice, when buying a house for 300 thousand euros, a young person pays 13,377.58 euros less in taxes (from 10,977.58 BMI to 2,400 euros in stamp duty).
This tax exemption is in line with the implementation of a measure included in the government programme led by Luis Montenegro, aimed at facilitating access to housing for people under 35 years of age.
The government estimates that the cost of the measure will be around 25 million euros in 2024 and 50 million euros in 2025, Finance Minister Miranda Sarmento said at a recent hearing of the Committee on Budget, Finance and Public Administration (Cofap).
Author: Lusa
Source: CM Jornal
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