Residents Scheme (Amendment) Regulations, 2014

L.N. 271 of 2014

INCOME TAX ACT

(CAP. 123)

Residents Scheme (Amendment) Regulations, 2014

IN exercise of the powers conferred by articles 56(10) and 96 of

the Income Tax Act, the Minister for Finance has made the following

regulations:-

(1) The title of these regulations is the Residents

Scheme (Amendment) Regulations, 2014, and these regulations shall

be read and construed as one with the Residents Scheme Regulations,

hereinafter referred to as "the principal regulations".

(2) These regulations shall be deemed to have come into force

with effect from 1st July, 2013.

Paragraph (c) of regulation 2 of the principal regulations

shall be amended as follows

(a)

for the definition of "qualifying owned property"

there shall be substituted the following

" "qualifying owned

property"

means

an

immovable property purchased

(a) after 14 September, 2011 up to 30 June,

2013 at a consideration of not less than four

hundred thousand euro (€400,000);

(b) after 1 July, 2013, at a consideration of

not less than

(i) subject to the provisions of sub-

paragraph (ii), two hundred and seventy-five

thousand euro (€275,000) for a property

situated in Malta; or

(ii) two hundred and twenty thousand

euro (€220,000) for a property situated in

Gozo or in the south of Malta;";

(b) for the definition of "qualifying rented property"

there shall be substituted the following

" "qualifying rented property" means a

property taken on a lease of

(a) if the lease was taken on between

14 September, 2011 and 30 June, 2013, not

less than twenty thousand euro (€20,000) per

annum;

(b) if the lease was taken on or after 1

July, 2013

(i) subject to sub-paragraph (ii),

nine thousand and six hundred euro

(€9,600) per annum for a property

situated in Malta; or

(ii) eight thousand and seven

hundred and fifty euro (€8,750) per

annum for a property situated in Gozo

or in the south of Malta;"; and

(c)

immediately after the definition of "qualifying

rented property" there shall be added the following new

definition

"south of Malta" means the areas within

set boundaries as designated in the Second

Schedule to the Local Councils Act of the

localities listed in the Schedule to these

regulations;".

At the end of the principal regulations there shall be added Adds Schedule

to the principal

the following

regulations.

"SCHEDULE

(Regulation 2)

Localities for the purposes of the definition of "south of Malta"

Birżebbuġia

Cospicua

Fgura

Għaxaq

Gudja

Kalkara

Kirkop

Luqa

Marsascala

Marsaxlokk

Mqabba

Paola

Qrendi

Safi

Santa Luċija

Senglea

Siġġiewi

Tarxien

Vittoriosa

Xgħajra

Żabbar

Żejtun

Żurrieq".

€0.27