Buyers with more than one residential property to be affected.
A bill to tighten property stamp duty exemption for Hong Kong permanent residents was gazetted.
Under the new arrangement, buyers with no other Hong Kong properties who purchase a residential property under a single instrument can enjoy the exemption and pay the lower ad valorem stamp duty rates at Scale 2.
For buyers who acquire more than one residential property under a single instrument, they have to pay the standard stamp duty rate of 15%.
The new arrangement took effect on April 12. The Stamp Duty (Amendment) (No.2) Bill 2017 will be tabled at the Legislative Council on June 7.
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