On 15 Dec 2021, the Government announced that ABSD rates will be raised with effect from 16 Dec 2021, as part of a package of measures to cool the private residential and HDB resale markets. The ABSD table is shown below.
Liable buyers are required to pay ABSD on top of the existing Buyer’s Stamp Duty (BSD). ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).
Liable buyers are required to pay ABSD on top of the existing Buyer’s Stamp Duty (BSD). ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).
Determining SSD Liability
Whether the disposal is subject to SSD and the amount payable will depend on:
A. The type of property sold or disposed
B. The date of purchase or acquisition
C. The date of sale or disposal
D. Rates applicable
Whether the disposal is subject to SSD and the amount payable will depend on:
A. The type of property sold or disposed
B. The date of purchase or acquisition
C. The date of sale or disposal
D. Rates applicable
Exemptions from SSD for Residential Properties under the Stamp Duties Act
SSD for residential properties is exempt for sellers / transferors under the following scenarios. No application to Commissioner of Stamp Duties is required for the sellers / transferors.
SSD for residential properties is exempt for sellers / transferors under the following scenarios. No application to Commissioner of Stamp Duties is required for the sellers / transferors.
- Residential property owners need not pay SSD when their properties are acquired by the Government under the Land Acquisitions Act.
- Individuals who own residential properties need not pay SSD if they have been adjudged a bankrupt and are required to dispose of their residential properties as a result of bankruptcy.
- Companies that own residential properties need not pay SSD when disposing of their residential properties upon involuntary winding up.
- Foreigners need not pay SSD when they have to sell their residential properties as required under the Residential Property Act.
- For HDB flat sellers or transferors who bought or acquired their flats on or after 30 Aug 2010 and their flats have been identified for Selective Enbloc Redevelopment Scheme (SERS) but sell their flats in the open market before HDB claims them.
- HDB flat sellers or transferors who return their flats to HDB as a result of re-possession by HDB or under the SERS.
- A person who owns an HDB flat and inherits another HDB flat, is required under the HDB’s regulations to dispose of either the inherited HDB flat or the existing HDB flat. This exemption applies to disposal of flats on or after 18 Dec 2015.
- A person who owns a non-HDB flat and inherits an HDB flat, is required under the HDB’s regulations to dispose of the inherited HDB flat. This exemption applies to disposal of flats on or after 18 Dec 2015.
- A person who owns an HDB flat marries a person who owns another HDB flat and the couple is required under the HDB regulations to dispose of either one of the HDB flats. This exemption applies to disposal of flats on or after 18 Dec 2015.
I Look Forward To Advising You On HOW TO AVOID ABSD WHEN BUYING ANOTHER PROPERTY IN SINGAPORE
