SSD on Land Sub Division

[stl67]

Say if I plan to buy a landed property and I subdivide the land into 2 plots and then rebuild. Plot 1 plot for own stay and Plot 2 to sell.

My lawyer said that Plot 2 will still be subjected to SSD.
Is there a way I can appeal with IRAS on waiving off the SSD. If not, instead of paying the full 100% SSD, pay half of the required amount since I am holding on to plot 1 (assuming both plots are of the same land area and value).

My stand is that I am not a speculator but an owner cum investor. Anyone come accross this?

[hopeful]

Say if I plan to buy a landed property and I subdivide the land into 2 plots and then rebuild. Plot 1 plot for own stay and Plot 2 to sell.

My lawyer said that Plot 2 will still be subjected to SSD.
Is there a way I can appeal with IRAS on waiving off the SSD. If not, instead of paying the full 100% SSD, pay half of the required amount since I am holding on to plot 1 (assuming both plots are of the same land area and value).

My stand is that I am not a speculator but an owner cum investor. Anyone come accross this?

does the ruling on SSD differentiate between speculator and owner/investor?
u stay in condo A for 2 years, sell also kena SSD.
u rent out condo B for 2 years, sell also kena SSD.

[stl67]

does the ruling on SSD differentiate between speculator and owner/investor?
u stay in condo A for 2 years, sell also kena SSD.
u rent out condo B for 2 years, sell also kena SSD.

ok, cannot use this as a reason when appealing to IRAS. got any creative way to appeal or not? buy you a good dinner if can.:D

[hopeful]

are you rich enough to pay full in cash?
are you rich enough to act as guarantor for a company?

if not rich enough, no way to avoid SSD

[stl67]

are you rich enough to pay full in cash?
are you rich enough to act as guarantor for a company?

if not rich enough, no way to avoid SSD

presuming i can get funding to pay in cash? how does it help?
dont really understand the 2nd question?

[proper-t]

Think you will only be charged SSD on the mkt value of the plot that you sell. Quite difficult to avoid unless you become a developer or form a sole prop/company in the business of housing devpt....if you go down this route and manage to get SSD remission, please book a table for me at MBS restaurant :D

NB...there will be tax implications.



15. If I have bought 4 old houses, demolished them and erected new housing units for sale, would I be exempted from SSD if I sell them within the 4 years holding period?
Licensed developers are exempted from SSD. Therefore, there is no requirement for them to apply for exemption. Non-licensed housing developers may apply for SSD remission only if they are registered companies or businesses, and lawfully carrying on the business of housing development. But if you are an individual redeveloping the residential properties, the exemption or remission from SSD does not apply to you.
Housing development refers to the building of new housing accommodation or total demolition of existing buildings and rebuilding of new housing accommodation. Developers who alter, repair, do additions to existing buildings or partially demolish and rebuild the residential properties will be liable to pay SSD when they sell these properties within the 4 years holding period.

[stl67]

Think you will only be charged SSD on the mkt value of the plot that you sell. Quite difficult to avoid unless you become a developer or form a sole prop/company in the business of housing devpt....if you go down this route and manage to get SSD remission, please book a table for me at MBS restaurant :D

NB...there will be tax implications.

From what I heard, developer license very hard to get, must have a proven records or something.

i will ask the lawyer on the other option.

MBS on the way.:D