Friday, January 27, 2012

Stamp duty 'hurting trust industry'

Straits Times: Fri, Jan 27
FOREIGNERS are not the only ones who will have to shell out the hefty new stamp duty on home purchases; the billion-dollar trust industry is also feeling the pinch.

The additional 10 per cent duty introduced on Dec 8 also applies to corporate entities such as trusts and experts fear the industry is already being affected.

People setting up a trust with a company as trustee must now fork out an additional 10 per cent - on top of the existing 3 per cent stamp duty - of the market value of a home if it is placed under the trust's assets.

This is regardless of whether the beneficiaries are locals or foreigners.

Before the measures were imposed, the duty would have been just 3 per cent...

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