Special stamp duty ["SSD"] arises if :
- Residential properties ["the properties"] are acquired on or after 20th November, 2010; and
- the properties are disposed within 24 months
SSD is imposed on the full value of sales proceeds of the properties in addition to the ad valorem rates of Stamp Duty already imposed at the following rates :
|
Property Holding Period |
|
|
6 months or less |
15% |
|
more than 6 months but not exceeding 12 months |
10% |
|
more than 12 months but not exceeding 24 months |
5% |
Both the seller and the buyer will be jointly and severally liable for paying the SSD
Exemption :
- Sale or transfer or change of names involving the spouse, parents, children, brothers and sisters;
- Sale, transfer or vesting of the properties made by the court;
- Sale of the estate of a deceased person;
- Sale of mortgaged properties by a mortgagee financial institution or by a receiver appointed by such a mortgagee;
- The properties sold relate solely to a bankrupt's estate or the property of a company which is being wound up by the court by reason of its inability to pay debts;
- Sale or transfer of the properties between associated bodies corporate; and
- Sale or transfer of the properties to the Government.