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Property stamp duty tightened

April 11, 2017

The property stamp duty mechanism will be tightened to stop buyers from evading tax by purchasing multiple new homes under a single contract.

 

The move was announced today in a press conference held by Chief Executive CY Leung, Financial Secretary Paul Chan and Secretary for Transport & Housing Prof Anthony Cheung.

 

Effective from tomorrow, the change will see buyers pay the 15% stamp duty according to the number of new homes purchased, rather than a single contract.

 

"We have been taking measures to suppress three types of demand: speculative; external, meaning demand from buyers outside of Hong Kong; and also investment demand," Mr Leung said.

 

"The new proposal, which will take effect after midnight tonight, is to ensure that people do not buy more than one unit by using one legal document, and this is very much in line with our overall policy to give preference, a priority, to people – Hong Kong people – who buy for their own occupation."

 

Prof Cheung added the transactions involving acquisition of multiple residential properties under a single instrument have been increased significantly since the stamp duty on property transactions rose to 15% in November.

 

Mr Chan reminded people the current property market atmosphere may not be sustained due to a US rate hike and abundant local housing supply.



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