Typical situations for which IMT will be due |
Who will be liable to pay IMT? |
Basis on which the calculation is made |
The purchase of a property |
The buyer |
On the declared sale price or VPT (“Property Rateable Value) whichever is higher |
Promissory contract of purchase or sale, whenever there is a clause allowing the buyer to sell his contractual position to a third party |
The promissory buyer |
On the deposit payable to the promissory seller |
Assignment of the buyers’ contractual position to a third party |
The third party |
On the deposit paid to the previous promissory buyer |
A rental agreement in which , on full payment of all funds due, the tenant will become the owner of the rented property |
The tenant |
On the VPT or 20 times the annual rental whichever is higher |
Rental agreement with a duration greater than 30 years |
The tenant |
On the VPT or 20 times the annual rental whichever is higher |
Irrevocable power of attorney which would allow someone to sell a property |
The person authorised to sell the property |
On the declared sale price or VPT whichever is higher. On the deposit payable to the promissory seller |
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