Transfer of Property Forming Part of a Project
For the purpose of article 5A(5)(e) of the Income Tax Act, the definition of “project” referred to in article 5A(2)(a) of the said Act shall exclude land acquired by the owner and divided for transfer into more than one transferable portion, provided that:
- The land is transferred by the owner in the same state as when acquired (i.e. no excavation or any other works whatsoever have been carried out on the property); and
- No permit has been issued by the Planning Authority (MEPA) during the period of ownership by the owner sanctioning the development of the land into more than one transferable unit; unless the approved permit is in accordance to the local plan of the land when the land was acquired by the said owner.