Suggest a correction

Remission of ABSD for contract for sale of property subject to conveyance direction

Stamp Duties (Housing Developers) (Remission of ABSD) Rules 2013

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) There shall be remitted the ABSD that is chargeable on a contract or agreement for sale of residential property to a company that is executed on or after 8th December 2011, if the company enters into the contract or agreement with the intention that the property be transferred to another company which the first‑mentioned company had at the date of the execution of the contract or agreement intended to have incorporated or has incorporated (referred to in this rule as the subsidiary) for the purpose of a housing development by the subsidiary.(2) The remission under this rule is subject to all of the following conditions:(a)the conveyance direction for the conveyance or transfer of the property to the subsidiary is made not more than 2 months starting from the date of the execution of the contract or agreement;(b)no consideration passes between the first‑mentioned company and the subsidiary for the conveyance or transfer;(c)at all times between the date of the execution of the contract or agreement and the date of issue of the Temporary Occupation Permit or Certificate of Statutory Completion for all units of housing accommodation that are the subject of the housing development (both dates inclusive), the first‑mentioned company —(i)has beneficial interest in more than 50% of the shares in the subsidiary; and(ii)holds more than 50% of the votes attached to the voting shares in the subsidiary.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.