The Hong Kong Inland Revenue Department has announced that the exemption from the new 15% stamp duty for buyers that do not own any other residential property will be revised to limit the exemption to single property purchases. The change is made to prevent investors from inappropriately obtaining the exemption by acquiring multiple properties under a single instrument.
The new 15% rate applies from 5 November 2016 and the exemption restriction applies from 12 April 2017, although the legislation for the new rate is still before the Legislative Council, with the next meeting scheduled for 21 April.
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