The measure was announced 3 days ago by Ana Pastor, Minister of Development, at the press conference after the Council of Ministers. It implies that anyone who purchases a house from tomorrow will, when selling, receive a 50% bonus on Plusvalia taxes (a tax payed over value increase).
The exemption serves both individuals and corporations so the personal income tax and corporate tax are affected. The measure will not affect transfers of property between parents and children.
The rule change is aimed at revitalizing the Spanish property market and also to facilitate banks to sell the stock of houses that accumulate on their balance sheets.
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