The exemption from IMT and Stamp Duty (IS) on the purchase of a first permanent home for young people up to the age of 35 comes into force today.
The exemption from IMT and IS is a measure that can be used by all young people when buying their first permanent home, as long as they are up to 35 years old at the time of purchase.
To be eligible, young people must not have been considered dependent for IRS purposes in the year they bought the house.
This exemption is total for houses up to the 4th IMT bracket, i.e. up to 316,772 euros. For the part that exceeds this value and up to 633,453 euros, IMT is payable at the rate corresponding to this bracket (8%).
In practical terms, if you buy a house for 300,000 euros, you pay 13,377.58 euros less in taxes (between 10,977.58 euros in IMT and 2,400 euros in Stamp Duty).
This tax exemption corresponds to the implementation of a measure included in the government program led by Luís Montenegro, with the aim of facilitating access to housing for people up to the age of 35.
The government estimates that the cost of the measure will be around 25 million euros in 2024 and 50 million euros in 2025, according to Finance Minister Miranda Sarmento, at a recent hearing of the Budget, Finance and Public Administration Committee (Cofap).