No Property Acquisition Tax Due to Brexit

To ensure that the departure of the United Kingdom of Great Britain and Northern Ireland from the European Union does not lead to a real estate transfer tax burden solely due to an English Limited owning property in Germany, an exemption provision will be added to the Real Estate Transfer Tax Act. To this end, § 4 of the Real Estate Transfer Tax Act is being amended. A new number 6 will be inserted, which reads as follows:

"6. Acquisitions solely based on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union."

Thus, Brexit will become a special exception from real estate transfer tax.

With the inclusion of a tax exemption provision in the Real Estate Transfer Tax Act, it is ensured that the departure of the United Kingdom of Great Britain and Northern Ireland from the European Union does not lead to a real estate transfer tax burden when an English Limited company owns properties in Germany. To this end, § 4 of the Real Estate Transfer Tax is amended. A new number 6 is added, which reads as follows

"6. Acquisitions solely based on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union."

Thus, Brexit becomes a special exception from real estate transfer taxation.