Duty on Documents and Transfers Act (Cap. 364), article 32C

32C. N o t w i t h s t a n d i n g a n y o t h e r p r o v i s i o n o f t h i s A c t , i n t h e case of transfers by a gratuitous title by a person to his desc endants in the direct line who acquire immovable property for the purpo se of establishing therein or constructing thereon their sole, ord inary residence, in assessing the duty otherwise chargeable in terms of the said Act no account shall be taken of the first two hundred and fifty thousand euro (€250,000) or such other greater amount as may be prescribed of the value of th e property transferred as afore said and duty shall be charged on the remaining value thereof at the rate of three euro and fifty cents per one hundred euro or part ther eof, provided that this is the first transfer by such a person to su ch a descendant for this purpose and in this manner and provided tha t the notary who receives any deed of such a transfer shall recor d in the deed a written declaration by the person so transferring an d the person so acquiring that the property is being acquired for the said purpose for the first time and the notary shall warn the said p erson and descendant of the importanc e of the truthfulness of such declaration: 22 CAP. 364.] DUTY ON DOCUMENTS AND TRANSFERS Provided that where such immovable property is not fully owned or otherwise held by the said person, the amount of the value that shall not be taken into account shall be such amount as is proportionate to two hundred and fifty thousand euro (€250,000) or such other greater amount as may be prescribed as aforesaid or the value of the immovable property (whichever is the less) as the proportion of the share of the ownership or other title under which the immovable property is held by such person is to the whole: Provided further that where such immovable property is transferred to more than one des cendant, the amount of the valu e that shall not be taken into account shall be such proportion o f the amount arrived at in accordance with the first proviso hereof a s is equal to the proportion of the share held by the said person th at is transferred to t he descendant: Provided that if such immovable property or part thereof is transferred inter vivos by the said descendant during the first five years from the date of the transf er by a gratuitous title, the duty which would have been payable on the transfer by a gratuitous t itle of the property or part thereof that is so transferred, but for the relief granted under this articl e, shall be levied on the said amount not taken into account at the rate of three euro and fifty cent s per one hundred euro or part thereof at the time of the said transf er inter vivos : Provided also that duty relief provided for in this article shall not be available where the descendant owns, at the time o f acquisition of the said immovable property by a gratuitous titl e, any other property in respect of whic h duty relief has been claimed under paragraph ( a) of article 32(4). The notary who receives any deed to which this article ref ers shall record in the deed a declaration by the person so acquiring the immovable that he do es not own any other property in respect of which duty relief has been claimed under paragraph ( a) of article 32(4) and the said notary shall warn the descendant of the importance of the truthfulness of such declaration. Foundations treated as trusts. Added by: XIII. 2007.17.