35% Additional Buyer’s Stamp Duty (ABSD) On Transfer of Residential Property Into All Living Trusts – What Does This Mean for Us?
By ValueChampion  •  May 13, 2022
With the Additional Buyer's Stamp Duty (ABSD) now applying to all trustees, does this new rule bring about a significant impact for the market and does it actually affect us? The Ministry of Finance announced that additional buyer’s stamp duty of 35% will now apply to any transfer of residential property into all living trusts, with effect from 9 May 2022. Trustees Now Hit With 35% ABSD Buyer’s Stamp Duty (BSD) is a fee that is applicable to any transfer of residential property into a living trust. Whether ABSD is payable on top of BSD, however, depends on a number of factors, such as the profile of the buyer. Currently, ABSD does not apply to living trusts without an identifiable beneficial owner at the time the residential property is transferred into the trust. However, with effect from 9 May 2022, ABSD will apply to all transfers of residential properties into all living trusts, even those without an identifiable beneficial owner at the time the residential...
Read the full article
By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?

Your email address will not be published.


Your Email Address will not be published

Read More Articles
More from thefinance