When buying a house, two taxes must be paid: The Municipal Property Transfer Tax (IMT) and the Stamp Duty Tax (IS). But when do they need to be paid?
The number of new housing credit contracts reached a record value, mainly driven by the financing granted to young people under 35 with tax exemptions, according to data released by the Bank of Portugal (BdP).
The age group of young people up to 35 years old has been the one that buys the most houses, justified by the new tax exemption measures associated with the process.
The government has in place several support measures for young people buying a house. Understand all the measures in question.
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.
The new support measures for young people up to 35 years old to buy a house came into effect on August 1st. Therefore, find out the answers to the most frequently asked questions.
The tax exemption on home purchases for young people will not be the only one: the exemption of the records associated with the process will also be added. Learn more below.
The decree-law on the measure regarding tax exemption on home purchases for young people between 18 and 35 years old has already been published and is set to take effect on August 1st. Let's recall the conditions of the measure.
The measure will come into effect on the first day of next month, so young people up to 35 years old in the process of buying a house are postponing the signing of deeds in order to still be able to access the tax benefit. Understand if it is possible legally and how to access the measure.
Young people are entitled to IMT exemption if the purpose of the property remains the same, without changing the family unit or workplace. Learn more, afterwards.
Young people up to 35 years old will be exempt from taxes when buying their first house regardless of their income, but with limits on the property values. Find out how the measure will work next.