Issue link: https://maltatoday.uberflip.com/i/1455666
3 maltatoday | SUNDAY • 27 FEBRUARY 2022 NEWS For more information: info@theimperialmalta.com The Imperial, Rudolph Street, Sliema, SLM 1279 | 2145 6440 | www.theimperial.com.mt A member of St George's Care Limited – LIVE LIFE WITH US The Imperial offers an extensive choice of single and companion accommodation options that are cleaned by our dedicated housekeeping team on a daily basis. Residents are encouraged to personalise their rooms with their much-loved photographs, home accessories and treasured belongings. All rooms are air conditioned and stylishly decorated, with kitchenette facilities, furniture, digital tv, and wi-fi internet access. Every room has ensuite bathroom facilities and equipped with a nurse call system in both the bedroom and bathroom, allowing our residents to call for assistance whenever needed. To mark the inauguration of a new wing at The Imperial, we are offering a number of rooms within this floor at a discounted rate of €75 per day. The Imperial in Sliema, is not just a care home, it is a home that cares. Along with Casa Antonia, we have been providing excellent care for over 20 years and will support and advise you to make the best decision for you and your loved ones. LIMITED OFFER. CALL TODAY FOR A VIEWING. INAUGURATION OF NEW FLOOR ONE TIME, LIMITED OFFER SELECTED SINGLE ROOMS AT €75 PER DAY CONTINUED FROM PAGE 1 The mix-up owes itself to confusion over a legal notice issued weeks after the Octo- ber budget, when the Notarial Council instructed notaries to process all property contracts in line with standard laws, be- fore obtaining clarifications from the finance ministry on the new scheme. The budgetary measure that was supposed to be enacted would exempt capital gains and property tax on any property acquisitions inside the UCA, up to a value of €750,000. However, at the same time that the legal notice was issued, two other schemes were still in force: a previous 2.5% property tax on the total value of a UCA property, and later a COVID relief measure that levied just 1.5% tax on UCA homes up to the value of €400,000. When the new Budget meas- ure was issued, the Notarial Council requested legal cer- tainty from the finance minis- try, to ensure that contracts do not result in additional taxes or penalties due on future proper- ty transfers, the responsibility of which would be borne by both the original parties and the notary, due to the lack of clarity on the legal notice. "We were then told that we should keep levying taxes ac- cording to standard procedure, and that once the legal notice is clarified, we could apply for a refund to apply the new budg- etary measure, as has already been done before," notaries privy to this issue told Malta- Today. "This has been standard prac- tice for us, even though we usually expect legal notices for these budgetary measures to be ready right at the stroke of mid- night, and not issue weeks after the measures are announced." Notaries therefore started applying the standard 1.5% 'COVID' property tax on UCA properties up to the value of €400,000, and 2.5% tax on the remaining portion of the prop- erty value. "Naturally, since these tax rates were still in place, no- taries applied them on UCA property values, knowing that their clients would later obtain the full refund of these taxes for any property value up to €750,000." However, the finance minis- try has informed the Notarial Council that the tax exemption on UCA properties will not be applied on sales carried out be- tween October and December 2020. "It is inexplicable. We were told to proceed as usual, and then apply for a refund. The Notarial Council was expected to clear up any questions it had on the new legal notice, but the finance ministry has now given the tax department an instruc- tion that no such refunds will be due. And this has ended up costing our clients a lot of money. A €500,000 levied 1.5% on €400,000 and 2.5% thereaf- ter should have qualified for a full refund of €7,500." mvella@mediatoday.com.mt No refunds being given on UCA homes despite Budget proposal