IMT Young Tax Exemption? Get to know the tables already in force
See here the tables with the IMT exemption rates that young people will be entitled to according to the values of the houses to buy.
IMT exemption tables for young people are already available to take effect
The new Government measure already in force exempts young people up to 35 years old at the date of purchase of a property from paying the Municipal Property Transfer Tax (IMT) on their first own and permanent home.
It came into effect on August 1, already being the tables prepared based on the values of full and partial exemption, depending on the cost of the properties.
As read on Notícias ao Minuto, the Tax and Customs Authority reports that the total exemption from IMT, as well as Stamp Duty, in the purchase of the first property is intended for houses worth up to 316,772 euros.
Between this amount and up to 633,453 euros, the exemption they are entitled to is partial, with IMT due for the amount above 316,772 euros.
When purchasing properties above this value (633,453 euros), young people no longer have the right to the benefit of tax exemptions.
It is worth remembering that, to be eligible, the young people cannot be considered dependents in their parents' IRS in the same year they purchase the house.
Let's consider this example: if you buy a property for 300 thousand euros, the young person will end up saving 13,377.58 euros on taxes (10,977.58 euros in IMT and 2,400 euros in Stamp Duty).
This is a measure presented in Luís Montenegro's Government program, which will facilitate young people's access to housing, with an impact of around 25 million euros in 2024 and 50 million euros in 2025.
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