The proposal to ease stamp duty on the transfer of properties from parents to children has been welcomed by the Malta Development Association. It said that the measure would help families plan how to pass property to the next generation.

The MDA said that the cost of a transfer can be a real obstacle for parents who wish to provide for their children during their lifetime. ”Relief targeted specifically at transfers from parents to children could reduce that burden and give families more flexibility.”

It noted that the final rules should clearly explain which properties and transfers qualify, how the relief will be claimed and when it will take effect. The MDA said that families and the notaries advising them need certainty before making decisions.

The Malta Development Association concluded by saying that it looks forward to reviewing the proposed legal provisions and contributing practical feedback to ”ensure that the measure is clear, fair and straightforward to use.”

Photo: MDA

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