Stamp Duties (Inherited Properties) Remission Order

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Stamp Duties Act

(CHAPTER 312, Section 74)

Stamp Duties (Inherited Properties) Remission Order

O 7

G.N. No. S 391/1996

REVISED EDITION 1997

(15th June 1997)

[15th May 1996]

Citation

1. This Order may be cited as the Stamp Duties (Inherited Properties) Remission Order.

Definitions

2. In this Order, unless the context otherwise requires —

“holding period” means the period commencing from the date of acquisition of any residential property or share by a deceased person and ending on the date of the conveyance or other instrument under which such property or share is disposed by his surviving joint tenant or tenants, any beneficiary under his will or any person entitled to succeed beneficially his estate, as the case may be;

“share” means a share in a private company referred to in section 22A(4) of the Act.

Remission of duty in cases of inherited properties

3. Where —

(a)	a joint tenant of any residential property dies and the surviving joint tenant or tenants acquire the whole of the property by the operation of the right of survivorship; or
(b)	a beneficiary under a will or a person entitled to succeed beneficially to the estate of an intestate under any written law actually acquires any residential property or any share in consequence of the death of the testate or intestate, as the case may be,

there shall be remitted in accordance with paragraph 4 the duty chargeable under section 22A of the Act on any conveyance on sale (including any instrument chargeable in like manner) of that residential property or share, as the case may be, executed on or after 15th May 1996 by the surviving joint tenant or tenants referred to in sub-paragraph (a) or the beneficiary or person referred to in sub-paragraph (b), as the case may be.

Holding period of beneficiaries

4.—(1) Where the holding period applicable to any surviving joint tenant or tenants, any beneficiary under a will or any person entitled to succeed beneficially to an intestate’s estate, as the case may be, exceeds 3 years, there shall be remitted all duty chargeable under section 22A of the Act.

(2) Where the holding period applicable to any surviving joint tenant or tenants, any beneficiary under a will or any person entitled to succeed beneficially to an intestate’s estate, as the case may be, does not exceed 3 years, the duty to be remitted shall be the duty in excess of the amount determined in accordance with the Schedule in relation to the applicable holding period.

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