Stamp Duties Act 1929 · 2021 Revised Edition · Part 3 · Provisions Applicable to Particular Instruments
17. How conveyance in consideration of debt or subject to future payment, etc., to be charged
Feedback & supportWhen any property is conveyed to any person in consideration, wholly or in part, of any debt due to the person or subject either certainly or contingently to the payment or transfer of any money or stock or other property whether being or constituting a charge or incumbrance upon the property or not, such debt, money, stock or other property is deemed to be the whole or part (as the case may be) of the consideration in respect of which the conveyance is chargeable with ad valorem duty. Explanation.— In the case of a sale of property subject to a mortgage or other incumbrance, any unpaid mortgage money or money charged, together with the interest, if any, due on it is deemed to be part of the consideration for the sale.
money
“money” includes all sums whether expressed in the currency of Singapore or in any other currency;
A conveyance on sale made for any consideration in respect of which it is chargeable with ad valorem duty, and in further consideration of a covenant by the purchaser to make or of the purchaser having previously made, any substantial improvement of or addition to the property conveyed to the purchaser, or of any covenant relating to the subject matter of the conveyance, is not chargeable, and is deemed not to have been chargeable with any duty in respect of such further consideration.Illustrations(a) A owes B $1,000. A sells a property to B, the consideration being $500 and the release of the previous debt of $1,000. Stamp duty is payable on $1,500.
conveyance on sale
“conveyance on sale” includes every instrument and every decree or order of any court, by which any property, or any estate or interest in any property, upon the sale thereof is transferred to or vested in a purchaser or any other person on the purchaser’s behalf or by the purchaser’s direction;
A sells a property to B for $500 which is subject to a mortgage to C for $1,000 and unpaid interest $200. Stamp duty is payable on $1,700.
A mortgages a house to B for $5,000. B afterwards buys the house from A for $5,000 and a release of the mortgage debt. Stamp duty is payable on $10,000.