Young people with exemption from IMT and IS without income limit, but with a limit on the value of the house.

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IMT and IS exemption for young people buying their first home: How will it work?

The Council of Ministers approved the measure related to the exemption of the Municipal Tax on Onerous Property Transfers (IMT) and Stamp Duty (IS) on the purchase of the first home by young people up to 35 years old.

The measure will not be limited by the income of youth, but rather by the value of the homes to be acquired.

Young people will have full exemption from taxes when buying a house up to 316,772 euros, and partial exemption when buying a house up to 633,000 euros.

According to Notícias ao Minuto, the information was disclosed by the Minister of Youth and Modernization, Margarida Balseiro Lopes at the end of the Council of Ministers in Braga, aimed at approving measures aimed at young people.

"Thus, there is a total exemption from IMT and Stamp Duty for homes up to the 4th IMT bracket, that is, up to 316,772 euros. For homes of higher value, as explained by Luís Montenegro, there will be exemption up to 316,772 euros, with taxes due for the portion between 316,772 euros and 633,453 euros", as stated in the news. It should be noted that above this value, no exemption is foreseen from the taxes.

According to the Youth and Modernization Minister, municipalities that will lose this revenue are financially compensated.

The measure is expected to come into effect together with the public guarantee of up to 15% of the maximum value of 450 thousand euros for the acquisition of real estate, on August 1st.  

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