Legal & Fiscal Implications Related to Succession

The webinar provides an overview of the legislative and fiscal landscape governing succession in Malta, focusing on the Duty on Documents and Transfers Act (Cap 364) and the Income Tax Act (Chap 123). These laws set the framework for how succession and related property transfers are taxed, with specific provisions for the valuation of immovable property and the duty payable on such transfers. the presentation will deal with Succession tax which is generally low, with the Commissioner for Revenue responsible for assessing and collecting duty. The presentation will highlight various subsidiary legislation that offer exemptions and sets procedures for adjusting property values. It compares estate tax rates across OECD countries. The presentation will delve into the broad powers of the Commissioner, including the ability to reassess property values and impose penalties for under-valuation or late payments, with appeals possible through the Administrative Review Tribunal. It also details mandatory declarations for immovable property transfers via public deeds, outlining the importance of timely and accurate submissions to avoid interest penalties. The presentation addresses the taxation of shares in companies and interests in partnerships, explaining higher duty rates for partnerships with significant immovable assets. Additionally, it discusses final withholding tax rules for property transfers, particularly those inherited before and after 1992. Key exemptions and rebates include those for disability trusts, ordinary residences, and usufruct bequeathed to surviving spouses, with specific conditions for each. Overall, the presentation underscores the complexity and importance of adhering to the legal requirements and optimizing tax liabilities in succession planning.

The Speaker

Dr. Roland Wadge is a distinguished notary in Malta, currently serving as the President of the Maltese Notarial Council, a role he also occupied for 4 years about 15 years ago too, and with 25 years of almost uninterrupted presence on the Council. He has significantly influenced Malta's legal landscape, participating in drafting amendments to the Malta Budget and various laws concerning income tax, stamp duty, gender equality, rent reform, emphyteusis, notarial insurance, home loan regulations, and the Notarial Code of Ethics. Dr. Wadge introduced the Notarial Billing Calculator, to the Notariat, a tool now widely adopted by Maltese notaries. He has actively engaged in workshops and conferences on digital notaries, international matrimonial regimes, and cross-border succession. Dr. Wadge was until very recently a Visiting Assistant Lecturer at the University of Malta, specializing in fiscal legislation related to immovables, underscoring his dedication to legal education and has also published an article on Gh.S.L. Graduating in 1997, Dr. Wadge is also a proud father of three daughters.

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