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Remission of duty for option granted on or before 14 February 2023 and subsequent conveyance

Stamp Duties (Instruments on or before 14 February 2023) (Remission) Rules 2023

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—(1) The prescribed amount of ad valorem stamp duty under paragraph (a)(iv) of Article 3 of the First Schedule to the Act that is chargeable on any of the following instruments is remitted:(a)any contract or agreement for the sale of immovable property to a purchaser that is executed on or after 15 February 2023 and is conditional on the exercise of an antecedent option;(b)any conveyance or transfer of the property mentioned in sub‑paragraph (a) to the purchaser that is executed on or after 15 February 2023.(2) For the purposes of paragraph (1) —(a)the prescribed amount of ad valorem stamp duty chargeable on an instrument is the difference between —(i)the amount of ad valorem stamp duty under paragraph (a)(iv) of Article 3 of the First Schedule to the Act chargeable on that instrument; and(ii)the amount of ad valorem stamp duty under paragraph (a)(iii) of Article 3 of the First Schedule to the Act that would have been chargeable on that instrument if the Stamp Duties Act 1929 (Amendment of First Schedule) Notification 2023 (G.N. No. S 68/2023) were not in force; and(b)an antecedent option is an option that —(i)is granted on or before 14 February 2023;(ii)is exercised on or before the earlier of the following:(A)7 March 2023;(B)the date of expiry of the validity period of the option; and(iii)has not been varied at any time on or after 15 February 2023.(3) In paragraph (2)(b)(ii)(B), the date of expiry of the validity period of an option includes any extension of the period if the extension is granted on or before 14 February 2023, but not otherwise.(4) To avoid doubt, there is no remission of ad valorem stamp duty on any instrument mentioned in paragraph (1) if the amount in relation to that instrument under paragraph (2)(a)(ii) is the same as or more than the amount under paragraph (2)(a)(i).

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