1. I have exercised an option to buy an apartment before 20 Feb 2010. Does SSD apply to me if I sell the apartment within a year?
No, because the apartment was bought before 20 Feb 2010. SSD is only payable by the seller who has bought a residential property on or after 20 Feb 2010, and sold within a year of purchase. For example, if you buy the apartment on 1 Apr 2010 and sell it before 1 Apr 2011, you will have to pay SSD.
on or after 30 Aug 2010, and sold within 3 years of purchase. For example, if you buy the apartment on 15 Sept 2010 and sell it before 15 Sept 2013, you will have to pay SSD.
2. I have exercised an option to purchase an apartment on 15 Jun 2010. Does SSD apply to me if I sell the apartment within 3 years of my purchase?
As you have purchased the apartment on and after 20 Feb 2010, full SSD is payable if you sell the apartment before 15 Jun 2011. SSD is not payable if you sell the apartment on or after 15 Jun 2011 because your purchase date was before 30 Aug 2010.
3. I have exercised an option to purchase an apartment on 30 Aug 2010. What will be the SSD if I sell the apartment within 3 years of my purchase?
If you sell the apartment within one year after you bought it, full SSD is payable. If you sell the apartment more than one year but less than two years after you bought it, 2/3 of SSD is payable. If you sell the apartment more than two years but less than three years after you bought it, 1/3 of SSD is payable.
4. For the sale and purchase of the property, which is the material date to be considered for this purpose of determining SSD – is it the date of contract or date of transfer or date of possession of the property?
The date of exercise of Option to purchase or the date of Acceptance of Option or the date of Sale & Purchase Agreement or the date of Contract whichever is earlier will be taken as the material date in the sale and purchase of the property.
5. Does SSD apply if an apartment was given to me (i.e. transferred by way of a gift) and I sell the apartment within a year?
If the apartment was given to you on or after 20 Feb 2010, you have to pay full SSD if you sell the apartment within a year. If the apartment was given to you on or after 30 Aug 2010, you have to pay full SSD if you sell the apartment within a year, 2/3 of SSD if you sell the apartment in the second year and 1/3 of SSD if you sell the apartment in the third year.
6. I have inherited a house from a deceased relative on 1 Apr 2010. Does SSD apply to me if I sell it within a year?
If the deceased had acquired the house before 20 Feb 2010, you need not pay SSD upon selling. If the deceased had acquired the house on and after 20 Feb 2010, you will have to pay SSD when you sell the house within a year of the acquisition by the deceased.
7. Does SSD apply to HDB residential flats?
HDB flats are not specifically exempted from SSD. However the vast majority of HDB owners will not be affected by SSD as they are required to occupy the HDB flats for 3 years or 5 years (i.e. the Minimum Occupation Period) before the property can be sold or disposed of.
8. How is SSD computed?
SSD is computed according to the following rates, on the consideration or the market value of the property, whichever is higher: -
1% on the first $180,000
2% on the next $180,000
3% on the balance amount
You may use the stamp duty calculator to determine the stamp duty payable.
For the purpose of fractional SSD, you have to apply the fraction of 2/3 or 1/3 to the full duty amount.
8. When must SSD be paid?
SSD must be paid within 14 days of the signing of the Agreement. If the Agreement is executed overseas, SSD must be paid within 30 days from the day the Agreement is received in Singapore.