Stamp Duties Act (Amendment of First Schedule) Notification 2012 deemed to have come into operation on 8 December 2011

30 March 2012

The Stamp Duties Act (Amendment of First Schedule) Notification 2012, published on 29 March 2012, is deemed to have come into operation on 8 December 2011.

The Notification amends the First Schedule to the Stamp Duties Act, with the following:

  • Definition of “Singapore citizen owning 2 properties” inserted (Article 3, para (1))
  • Definition of ‘‘Singapore permanent resident owning one property” inserted (Article 3, para (1))
  • Replacement of paragraph  (2)(a) with ‘‘a Singapore citizen owning 2 properties, a Singapore citizen owning 2 or more properties, a Singapore permanent resident not owning property, a Singapore permanent resident  owning one property,’’;
  • New paragraph 4 which clarifies the amount of consideration, value and number of residential property being conveyed, assigned or transferred.
  • New paragraph 5 which gives the conditions on sale of residential property, whether or not any other type of property is also conveyed, transferred or assigned under the same instrument
  • Scenarios where paragraph 5 does not apply (para 6)
  • Definition of “relevant individual” inserted (para 7)
  • New paragraph 8 which states that in determining  if a person beneficially owns (whether  alone or jointly or in common with another) an estate or interest in any number of residential properties situated within Singapore, any ownership of property that is the subject of a notification under section 5 of the Land Acquisition Act (Cap. 152) shall be disregarded.

The First Schedule relates to “Instruments Chargeable with Stamp Duty”.

Source: e-Gazette