6-Month Transition In Line With HDB Rules23 Jan 2013
In his letter “Allow one-year transition between properties” (ST, Jan 21), Mr Khoo Yik Lin enquired about the conditions under which relief is given from the Additional Buyer Stamp Duty (ABSD) for a second property purchase.
A married Singaporean couple who owns only one residential property and wishes to upgrade their property is given a six-month transition period to obtain ABSD refund. Specifically, they can get refund of the ABSD paid on the second property so long as they dispose their first property within six months from:
(a) the purchase date of the second property, if it is a completed property; or
(b) the Temporary Occupation Permit (TOP) or Certificate of Statutory Completion (CSC) date of the second property (whichever is earlier), if it is an uncompleted property.
We have assessed the six-month period to be a reasonable timeline for selling the first property. It is also aligned with HDB regulations which require HDB flat buyers to dispose of all their existing properties within six months of purchase of the HDB flat.
Other details of the ABSD relief can be found at https://estamping.iras.gov.sg. Mr Khoo may wish to contact IRAS at 6351 3697 or 6351 3698 for further clarifications.
Lim Bee Khim (Ms)
Ministry of Finance