Additional Buyer’s Stamp Duty (ABSD)
18/05/2022
Transfers of residential properties into a living trust will be subject to an additional buyer’s stamp duty (ABSD) of 35 per cent with effect from 9 May 2022.
A living trust is created by an individual during his lifetime, where a designated person, the trustee, is given responsibility of managing that individual’s assets for the benefit of the eventual beneficiary.
Presently, the buyer’s stamp duty (BSD) is payable when a residential property is transferred into a living trust.
The Additional Buyer’s Stamp Duty(ABSD) may also be payable, depending on the profile of the beneficial owner of the property transferred into the trust.
Where there is no identifiable beneficial owner at the time the property is transferred, ABSD presently does not apply. This is set to change with effect from 9 May 2022.
More details can be found on MOF website.
Feel free to contact us if you are needing financial consultancy at +65 66363691, +65 9326 2271 or info@lnmsolutions.com!
#cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #StampDuty #ABSD #Property