Stamp duty exemption tightened

(May 26, 2017)

A bill to tighten property stamp duty exemption for Hong Kong permanent residents was gazetted today.
 
Under the new arrangement, buyers with no other Hong Kong properties who purchase a residential property under a single instrument can enjoy the exemption and pay the lower ad valorem stamp duty rates at Scale 2.
 
For buyers who acquire more than one residential property under a single instrument, they have to pay the standard stamp duty rate of 15%.
 
The new arrangement took effect on April 12.
 
The Stamp Duty (Amendment) (No.2) Bill 2017 will be tabled at the Legislative Council on June 7.