|
|
|
Stamp duty on certain acquisitions of residential property
|
| |
58. The Principal Act is amended—
|
|
| |
(a) in section 31E—
|
|
| |
(i) by the substitution of the following subsection for subsection (4):
|
|
| |
“(4) In this section, a reference to acquisition shall include a reference to—
|
|
| |
(a) acquisition by way of a conveyance, transfer, lease, instrument, contract or agreement referred to in subsection (2), and
|
|
| |
(b) acquisition by way of a change in the person or persons having direct or indirect control by virtue of a conveyance or transfer on sale of stocks, marketable securities, units or interests referred to in subsection (9).”,
|
|
| |
(ii) by the insertion of the following subsection after subsection (8):
|
|
| |
“(8A) For the purposes of subsection (8)(b), a person shall not be regarded as entering into a housing authority lease on the same day as the residential unit concerned is acquired by the person where the residential unit was subject to a housing authority lease immediately prior to that day.”,
|
|
| |
(iii) in subsection (13), by the substitution of “then the contract or agreement shall be treated as a conveyance or transfer on sale of stocks, marketable securities, units or interests for the purposes of subsection (12), but paragraph (ii) of that subsection shall not apply in respect of the contract or agreement as so treated” for “then the contract or agreement shall be treated as a conveyance or transfer on sale of stocks, marketable securities, units or interests for the purposes of subsection (12)”,
|
|
| |
(iv) by the substitution of the following subsection for subsection (19):
|
|
| |
“(19) Where a conveyance, transfer or lease effects the acquisition of a relevant residential unit, sections 82(1), 82C(2) and 88(1)(b) shall not apply as respects stamp duty that is chargeable on the conveyance, transfer or lease in respect of the consideration which is attributable to the relevant residential unit.”,
|
|
| |
and
|
|
| |
(v) by the insertion of the following subsection after subsection (22):
|
|
| |
“(23) A reference in subsection (9), (12) or (13) to a residential unit shall not include a reference to a residential unit in an apartment block.”,
|
|
| |
and
|
|
| |
(b) in section 83E, by the substitution of the following subsection for subsection (3):
|
|
| |
“(3) This subsection applies where a person enters into a qualifying lease after the date of execution of a relevant instrument effecting the acquisition of the relevant residential unit leased under the qualifying lease, but not later than 24 months after that date (and such a relevant residential unit leased within that period is referred to in this section as a ‘qualifying relevant residential unit’).”.
|
