With effect from 23 February 2013, the ad valorem stamp duty on both residential and non-residential properties transactions is doubled and the stamp duty on transactions of HK$2 million or less will increase from a nominal duty of HK$100 to 1.5% of the transaction’s consideration.

Exemption from the new stamp duty rates will be given to Hong Kong permanent residents who are either first-time home buyers who own no property or sell their only property and buy a new one within 6 months, i.e., they can pay the stamp duty using the old rates.

The timing for stamp duty on non-residential properties, i.e. commercial, offices, industrial properties and carparks are advanced from the date of conveyance to the date of signing the sale and purchase agreement.