Flexibility by Commissioner of Stamp Duties to Remit Additional Buyer's Stamp Duty Payable by Individuals Acquiring a Partial Interest in Residential Property in Last Two Years
10 May 2021Parliamentary Question by Ms Sylvia Lim:
To ask the Deputy Prime Minister and Minister for Finance in the last two years, whether the Commissioner of Stamp Duties has exercised flexibility to remit, wholly or partially, the Additional Buyer's Stamp Duty (ABSD) payable by individuals who acquire a partial interest in a residential property due to changes in family circumstances such as the death of a co-owner.
Parliamentary Reply by Deputy Prime Minister, and Minister for Finance, Mr Heng Swee Keat:
Today, an individual who acquires partial interest in a residential property due to the death of a co-owner does not have to pay the Additional Buyer’s Stamp Duty (ABSD).
Generally, in other instances of an individual acquiring a partial interest in a residential property, ABSD applies. For taxpayers in extenuating circumstances, the Minister for Finance and the Commissioner of Stamp Duties have granted remission of ABSD on a case-by-case basis.