ARTICLE · 06 JULY 2020

Rights Acquired Under A Promise Of Sale Agreement Rules

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In the exercise of the powers conferred by articles 5A (13) and 96 of the Income Tax Act, the Minister for Finance and Financial Services, introduced Legal Notice 191 of 2020.

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Bjorn Camilleri

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In the exercise of the powers conferred by articles 5A (13) and 96 of the Income Tax Act, the Minister for Finance and Financial Services, introduced Legal Notice 191 of 2020.

The latter highlights that for an assignment of a promise of sale agreement to be valid:

it has to be made in writing and signed by the assignor and the assignee and authenticated by a notary or an advocate who authenticates the relative written agreement and shall be in such form and contain such information as the Commissioner may require or approve,
a notice of the assignment thereof, must be given to the Commissioner in 3 copies within 21 days from the date of the relative written agreement and,

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