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Seller Stamp Duty


Date of acquisition of property

Seller Stamp Duty (SSD)

Rate of SSD

Before 20 February 2010

No seller stamp duty payable


On or After 20 February 2010

Full SSD if property is sold within 1 year of purchase

3% of transacted price minus $5400

On or After 30 Aug 2010

Full SSD if property is sold within 1 year of purchase

3% of transacted price minus $5400

If property is sold within 2 years of purchase

2/3 of full SSD (3% of transacted price minus $5400)

If property is sold within 3 years of purchase

1/3 of full SSD (3% of transacted price minus $5400)

No SSD payable if property is sold after 3 years of purchase


On or After 14 January 2011

if property is sold within 1 year of purchase

16% of transacted price or market value, whichever is higher

if property is sold within 2 years of purchase

12% of transacted price or market value, whichever is higher

if property is sold within 3 years of purchase

8% of transacted price or market value, whichever is higher

if property is sold within 4 years of purchase

4% of transacted price or market value, whichever is higher

No SSD payable if property is sold after 4 years of purchase




What properties are affected?

The SSD is applicable to all residential properties only. However HDB residential properties are in a way not affected by the SSD as the HDB's Minimum Occupational Period is longer than the SSD dates.



How to determine the date of acquisition?

  1. Where there is an Option to Purchase, the date of acquisition of property is considered to be the date when the Option is exercised.

  2. For uncompleted property by developer, the date of acquisition shall be the date of the Sale & Purchase Agreement between the developer and the Original Purchaser.

  3. For sub-sale of an uncompleted property, the date of acquisition shall be the date when the Option to Purchase is exercised by the Sub-Purchaser.

  4. If the property is transferred by way of a gift (given to you), the date of acquisition shall be the date when the property or any beneficial interest in the property passes.

  5. In the case of a property transferred by way of inheritance or under the right of survivorship in a joint tenancy, the date of acquisition shall be the date the property was acquired by the deceased.



When does the SSD needs to be paid?

SSD must be paid in FULL within 14 days after Option to Purchase is exercised or after the Sale and Purchase Agreement is signed. Where the Contract or Agreement is executed overseas, SSD must be paid in FULL within 30 days from the date of receipt of the Contract or Agreement in Singapore.



Are there any exemptions and remissions?

SSD is exempted or remitted for sellers/ transferors under the following scenarios:

Housing developers need not pay SSD when selling residential properties developed by them;

  1. Public authorities in exercising their functions and duties need not pay SSD when selling residential properties, e.g. Housing & Development Board (HDB) and JTC Corporation (JTC);

  2. For an inherited residential property, SSD will not be payable by the estate of the deceased when the property is passed to the beneficiary by Will or by law;

  3. Residential property owners need not pay SSD when their properties are acquired by the Government under the Land Acquisitions Act;

  4. Residential property owners need not pay SSD when selling their residential properties due to bankruptcy or involuntary winding up;

  5. Foreigners need not pay SSD when they have to sell their residential properties as required under the Residential Properties Act;

  6. HDB flat owners need not pay SSD when they have to return their flats to HDB as a result of re-possession by HDB or under the Selective En-bloc Redevelopment Scheme (SERS);

  7. The transferor will similarly enjoy remission of SSD in consequent to matrimonial proceedings (i.e. divorce) in which specific remission for buyer’s stamp duty has been granted to the transferee;

  8. The transferor will similarly enjoy remission of SSD on a conveyance direction in which specific remission for buyer’s stamp duty has been granted to the transferee;

  9. The transferor will similarly enjoy remission of SSD in excess of $10 on a transfer of part interest in HDB flat to immediate family members in which specific remission for buyer’s stamp duty has been granted to the transferee;

  10. The transferor will similarly enjoy remission of SSD on the Transfer made pursuant to a scheme of reconstruction or amalgamation under section 15 of the Stamp Duties Act in which relief for buyer’s stamp duty has been allowed to the transferee;


SSD exemption also applies to the following categories of HDB flat sellers/transferors who bought/acquired their flats on or after 30 August 2010, and dispose of their flats thereafter:

  1. HDB flat owners whose flats have been identified for SERS but sell their flats in the open market before HDB claims them;

  2. HDB flat owners who surrender their flats to HDB due to break-up of fiancé/fiancée relationship or annulment of marriage and separation/divorce within the holding period;

  3. HDB flat owners who surrender their Lease Buyback Scheme (LBS) flats or studio apartments to HDB.

 

 

Information extracted from Inland Revenue Authority of Singapore

 

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