On 20th March 2018, Legal Notice 82 of 2018 was published by the Minister responsible for Finance, whereby the applicability of the reduced rate of 1.5% on duty incurred in respect of intra-family donations of company shares and immovable property used within a family business, as contemplated by the Duty on Donations of Marketable Securities and Immovable Property Used for Business (Exemption) Order 2017, was extended by half a year. In this regard, whereas previously the aforementioned reduced rate would only be applicable to the relevant donations made before the 1st April 2018, such donations may now be made (by public deed) before the 1st October 2018, provided that the applicable schedules as catered for by the Duty on Documents and Transfers Rules are delivered to the Commissioner for Revenue by 30th September 2018.
You can read a more detailed breakdown of the reduced rate of duty in our article on the matter. A copy of Legal Notice 82 of 2018 can be obtained by clicking here. Should you require any assistance in this regard, please contact us on info@camilleripreziosi.com.
