The Government has announced it is to cut the legal duration of rental contracts, and make evictions easier. The maximum duration of a contract is reduced from eight to four years, and if the owner wants to recover the property he only has to give two months notice. Forced extensions are reduced from five years to three years; tacit contracts are reduced to a year. The Government also decided in the Friday cabinet meeting to reduce the tax for those who sell their property. There will be a 50% exception of plus valia tax in a measure which applies until the end of 2012. The reduction will be reflected in the IRPF, the rental tax on non-residents, and business tax. Minister for Development, Ana Pastor, said the changes were designed to give greater judicial security to the owners who put their property on the rental market, thus helping youngsters and vulnerable and families on low income.
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