Subject to enactment of the new legislation, SSD will be effective from 20 November 2010. Any residential property acquired on or after 20 November 2010, either by an individual or a company (regardless of where it is incorporated), and resold within 24 months will be subject to SSD.
The SSD is calculated based on the stated consideration for the transaction or the market value of the property, whichever is higher, at the following rates for different holding periods by the seller before the transaction:
The SSD is not calculated based on the profits from the property transactions.
Persons liable to pay the SSD
Buyer and seller will be jointly and severally liable for the payment of the SSD
In the following cases, the sale or transfer of property will be exempt from the SSD: