IMT Exemption: How Does the Benefits Work for Young People Up to 35?

IMT Exemption: How Does the Benefits Work for Young People Up to 35?

Since 1 August, young people up to age 35 can enjoy exemption from IMT and Stamp Duty on purchasing their first permanent home. Here's what you need to know about who can benefit and how to calculate the exemption.

The IMT and Stamp Duty exemption applies to young people up to the age of 35 on the date of the purchase deed, provided that, in the year of purchase, they are not considered dependents for IRS purposes, even if they were still living with their parents before the purchase. In addition, they cannot own any property, nor have they owned any property in the previous three years.

Which Properties Can Be Covered by the IMT and Stamp Duty Exemption?

The total exemption applies to properties with a value of up to 316,772 euros and is intended exclusively for the purchase of a first permanent home by young people up to the age of 35.

What if the property is worth more than 316,772 euros?

The exemption is maintained if the property is purchased for up to 633,453 euros but only for up to 316,772 euros. Between 316,772 and 633,453 euros, the exemption will be partial.

Does the exemption apply if a couple buys the property, and only one of them is the first home?

Yes. If one of the couple is up to 35 years old and fulfils the requirements, they will be entitled to exemption on their share of the taxes payable. However, the other couple member, who does not satisfy the conditions, will not be entitled to the exemption.