Adjustments to Additional Buyer’s Stamp Duty Rates

The Government announced on 5 Jul 2018 adjustments to the Additional Buyers’ Stamp Duty (ABSD) rates on residential property purchases, which take effect on 6 Jul 2018. For full details on the announcement, please refer to the Press Release.

We have also prepared a Fact Sheet to provide more information on the ABSD changes and how to apply for the transitional remission where,

1. The option to purchase (“OTP”) is granted on or before 5 Jul 2018; and

2. The OTP is exercised on or before 26 Jul 2018 or the date of expiry of the OTP validity period, whichever is earlier; and

3. The OTP is not varied (including any extension of the validity period) on or after 6 Jul 2018.

Source: IRAS