04 Feb '13, 6am

[S'PORE PROPERTY NEWS] More home owners 'decoupling' property to avoid hefty duty. Read more here

HOME owners are finding ways to reduce the amount they have to pay after hefty stamp duty increases were introduced two weeks ago. One way is for families - say a husband and wife, or a parent and child - who bought a house together to transfer one partner's share to the other person. This creates a sole owner and leaves the other half of the pair free to buy another home without having to pay the additional buyer's stamp duty (ABSD), as that purchase will be seen as his first. The saving can be substantial. A Singaporean buying a second home will have to pay a 7 per cent ABSD, while permanent residents (PRs) pay 10 per cent. KhattarWong managing partner Gurbachan Singh told The Straits Times that he has seen more cases where couples "decouple" their property. The firm has fielded about 10 queries over the past fortnight, and is already acting in two or three decoupling ca...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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