Budget’s restoration measures welcomed by FAA

The Budget’s measures to encourage the restoration of urban cores has been welcomed by Flimkien għal Ambjent Aħjar.

Urban core decay will only be resolved with the total overhaul of the 1939 rent laws

The environment group, however, expressed caution over the relaxation of policies that convert conservation area homes into offices. Commercial projects such as offices should be limited to large buildings that are no longer suitable for domestic use, the FAA said.

The scheme announced in the Budget will see companies become eligible for a tax rebate of up to 20 per cent of expenses when renovating scheduled buildings in urban conservation areas. This will rise to 30 per cent for Grade One and Two scheduled properties. Similar rebates will be given to individuals, up to a maximum of €5,000.

The group pointed out it had long been called for the redirection of the construction industry towards restoration.

FAA also welcomed a scheme which waives property registration tax for multiple owners of old houses in the transfer of ownership rights to a single person.

Under this measure, property heirs will be spared any duty payments on property transfer up to the end of 2013 in an attempt to encourage consolidated property ownership.

FAA applauded this move, pointing out that in 2018, Valletta, which is particularly afflicted by this problem, will be showcased to the world as an architectural jewel.

However, the group warned urban core decay would only be resolved with the total overhaul of the 1939 rent laws.

The €7 million allotted to enhance public spaces, work on historic sites such as temples, palaces, catacombs and fortifications and preparations for Valletta to become the European Cultural Capital in 2018 were “very positive measures” that would improve the quality of life and increase tourism employment.