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

Stamp Duties (Non-Licensed Housing Developers) (Remission of ABSD) Rules 2015

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—(1) There is to 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 16 December 2015, if the company enters into the contract or agreement with the intention that the property be transferred to another company which the first company had, at the date of the execution of the contract or agreement, intended to have incorporated or has incorporated (called in this rule 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 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 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.

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