Stamp Duties (Instruments on or before 5 July 2018) (Remission) Rules 2018

No. S 453

Stamp Duties Act

(CHAPTER 312)

Stamp Duties
(Instruments on or before 5 July 2018)
(Remission) Rules 2018

In exercise of the powers conferred by section 74 of the Stamp Duties Act, the Minister for Finance makes the following Rules:

Citation and commencement

1.  These Rules are the Stamp Duties (Instruments on or before 5 July 2018) (Remission) Rules 2018 and come into operation on 6 July 2018.

Definition

2.  In these Rules, “additional buyer’s stamp duty” means the duty under paragraph (bf) of Article 3 of the First Schedule to the Act.

Remission of duty for option granted on or before 5 July 2018 and subsequent conveyance

3.—(1)  The prescribed amount of additional buyer’s stamp duty chargeable on any of the following instruments is remitted:

(a) any contract or agreement for the sale of residential property to a purchaser that is executed on or after 6 July 2018 and is conditional on the exercise of an antecedent option;

(b) any conveyance or transfer of that property to the purchaser that is executed on or after 6 July 2018.

(2)  For the purposes of paragraph (1) —

(a) the prescribed amount of additional buyer’s stamp duty chargeable on an instrument is the difference between —

(i) the amount of additional buyer’s stamp duty chargeable on that instrument under the First Schedule to the Act as amended by the Stamp Duties Act (Amendment of First Schedule) (No. 2) Notification 2018 (G.N. No. S 452/2018); and

(ii) the amount of additional buyer’s stamp duty that would have been chargeable on that instrument under that Schedule if that Schedule had not been so amended; and

(b) an antecedent option is an option that —

(i) is granted on or before 5 July 2018;

(ii) is exercised on or before the earlier of the following:

(A) 26 July 2018;

(B) the date of expiry of the validity period of the option; and

(iii) is not varied at any time on or after 6 July 2018.

(3)  In paragraph (2)(b)(ii)(B), the date of expiry of the validity period of an option includes any extension of the period if the extension is granted on or before 5 July 2018, but not otherwise.

(4)  To avoid doubt, there is no remission of additional buyer’s stamp duty on any instrument mentioned in paragraph (1) if the amount in relation to that instrument under paragraph (2)(a)(ii) is the same as or more than the amount under paragraph (2)(a)(i).

(5)  The amount of additional buyer’s stamp duty remitted on an instrument under these Rules is in addition to any amount of that duty remitted on the same instrument under the Stamp Duties (Transfer of Interest in Property which Buyer has Interest) (Remission of ABSD) Rules 2013 (G.N. No. S 216/2013).

Made on 5 July 2018.

TAN CHING YEE

Permanent Secretary,
Ministry of Finance,
Singapore.

[R54.3.0001.V83; AG/LEGIS/SL/312/2015/15 Vol. 1]