Subject to conditions, generally the ownership of a garage of not more than 30m2 shall not jeopardise the availability of the First Time Buyer Scheme.
Through the publication of Legal Notice 277 of 2021, an amendment has been passed to the First Time Buyer Scheme, effective from 9 June 2020. The amendment makes it possible for persons who had acquired a garage of not more than 30m2 before the acquisition of their first 'sole residence' property to avail themselves of the First Time Buyer Scheme on such latter property as long as certain duty relief was not availed of on the acquisition of the garage.
The First Time Buyer Scheme allows for a duty exemption on the first ?200,000 on first time purchase of residential property. More details on the Scheme is available on our factsheet 'Tax and Duty Schemes on the Transfer of Immovable Property'.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
