BREAKING: With effect from 20 Feb 2018, Buyer’s Stamp Duty on residential properties more than $1 million will be increased from 3% to 4%.
The BSD rate today ranges from 1% to 3%, and the new rate of 4% will be applicable to the portion of the property which exceeds $1million. Rates are as follows:
- Remissions are granted to purchased residential properties that have been granted an Option to Purchase (OTP) on or before 19 Feb 2018, and exercised before the date of expiry of validity period OR 12 Mar 2018.
- Applications for remissions should be submitted within 14 days from the exercise date of the OTP.
- Acquired residential land for non-residential development may also qualify for BSD remission, on the assumption that remission conditions are met.
- Acquired residential land restricted from residential use/development may also qualify for BSD remission, subject to conditions that include, but are not limited to:
- X% of the gross floor area (GFA) is to be developed for non-residential purposes
- IRAS to be notified immediately should there be a change in use/development of the said X% of GFA
- Acquired residential land that is entirely developed or used for non-residential purposes may also qualify for BSD remission, subject to conditions that include, but not limited to:
- Not to develop/use the property for residential purposes
- IRAS to be notified immediately should there be a change in use/development of the property for residential purposes
For more information, refer to the Buyer’s Stamp Duty page on IRAS here.
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This post was originally published on Redbrick Blog Section