In Sostegni bis decree there is a package of tax breaks for young people who have not yet turned 36 to stimulate the purchase of their own home. In a guide of the National Council of Notaries a complete list of questions and answers to remove any doubts about it.
What does the law provide?
The law provides for the exemption from the payment of registration, mortgage and cadastral taxes for the purchase of the property of homes that have the requisites of “first home”, or for the transfer or establishment of bare ownership, usufruct, use or dwelling of homes that meet the “first home” requirements for individuals who have not completed 36 years of age in the year and who have an ISEE not exceeding 40,000 euros per year.
To which types of property purchase are the tax concessions provided for by the dl supports –bis apply?
The rule refers to the deeds of purchase of homes for which the requirements of “first home” are met and, therefore, excluding those of cadastral category A1, A8, A9. The related appurtenances also benefit from this tax advantage. The rule also applies when the sale of dwellings with the requirements of “first home” is made by a company.
Who is entitled to tax breaks?
The tax concessions provided for by the support decree-bis are exclusively in favor of subjects who have not yet completed thirty-six years of age in the year in which the deed is signed and who have a value of the equivalent economic situation indicator (ISEE). over 40,000 euros per year.
What happens for business buyers?
The standard recognizes buyers a tax credit equal to the VAT paid to the company in relation to the purchase. The tax credit can be deducted from registration, mortgage, land registry, inheritance and donation taxes due on deeds and reports submitted after the date of acquisition of the credit, or it can be used to reduce personal income taxes physical due on the basis of the return to be submitted after the date of purchase; it can also be used in compensation but in any case does not give rise to refunds.
Does the tax exemption also apply to mortgages?
The law provides for the exemption from the substitute tax, which would be due to the extent of 0.25% for loans granted for the purchase, construction and renovation of residential properties relating to first homes.. The existence of the requirements to enjoy the tax benefits must be declared by the borrower.
When does the law come into force and until when will it be possible to take advantage of the benefits?
The measures contained in the “support bis” decree apply to deeds stipulated from the date of entry into force of the decree law, May 26, 2021, until June 30, 2022.
When do you lose your first home benefits? What happens in this case?
The first home benefit is forfeited due to a false declaration, alienation of the house before 5 years not followed by repurchase within the year, failure to sell within the year from the purchase of the previous first home. In these cases, since the conditions for enjoying the ‘first home’ benefits are no longer valid, the registration tax must be paid in the amount of 9%, the mortgage and cadastral taxes in the fixed amount of 50 euros each, in addition to the application of interest and sanctions. The substitute tax on the loan will be applied to the extent of 2%.
What happens if the age and income requirements set by law are not met?
Where the Revenue Agency finds that the other requirements such as age, ISEE value or the time period of validity of the benefits are not met, the taxes due plus penalties and interest must be paid. As the requirements and conditions for the application of the ‘first home’ facility have not ceased, the registration tax will be paid in the amount of 2% and the substitute tax for the loan in the ordinary amount of 0.25%.