19 May '17, 4pm

Singapore: Additional Buyer's Stamp Duties Does Not Apply To Residential Property Purchased By Charity - Withers LLP

In a landmark decision released on 11 May 2017, the Singapore High Court had in the case of Zhao Hui Fang and another v Commissioner of Stamp Duties [2017] SGHC 105 ruled that the additional buyer's stamp duties ('ABSD') regime does not apply to residential property purchased by a charity. Led by Ms Joanna Yap , Partner, Withers KhattarWong, the firm successfully represented the trustees of the charity ('the Trustees') against the Commissioner of Stamp Duties ('the Commissioner') in the case. Briefly, the late Settlor of the charity (established under a trust deed) ('the Charity') provided in his last will that his family home shall be made available to his surviving family members for use as their personal residence during their lifetimes and, once the family home is no longer required, the family home may be disposed or leased, and any proceeds thereof shall be paid to t...

Full article: http://www.mondaq.com/x/595992/Trusts/Additional+Buyers+S...

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