According to ECO, properties for resale purchased before the Mais Habitação law into force in October 2023, remain exempt from IMT for three years, considers the Tax and Customs Authority (AT).

Considering the rules that came into force on October 7, 2023, this type of acquisition “ceases to benefit from the exemption as soon as the buildings for resale are verified for a different destination or if the property was not resold within the period of a year”.

This alteration led a taxpayer to question whether it is necessary to pay IMT on property acquired on October 14, 2022, or whether, taking into account the law in force at the time of the deed, they could benefit from an IMT exemption until October 2025.

Regarding AT, the new law “constitutes a major change in one of the essential factors of the regime for purchasing buildings for resale, severely limiting the term”.

“In line with constitutional imperatives” and taking into consideration the nature of the changes introduced, “it is concluded that the new wording” of the IMT code “in the part which stipulates a shorter period for resale, is considered to be a prospective application, as it can only be registered to acquisitions of real estate for resale, made after the rule came into force from October 7, 2023”, adds the taxpayer.

With regards to AT, and in the absence of other causes that could dictate the expiry of the exemption, the situation presented by the taxpayer in question “is regulated” in accordance with the regime in force at the time of acquisition, so “the period to resell the property acquired, is for three years, counting from the date of acquisition”.