Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests

As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are met. These...

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Main Author: OOI, Vincent
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
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Online Access:https://ink.library.smu.edu.sg/sol_research/3994
https://ink.library.smu.edu.sg/context/sol_research/article/5952/viewcontent/Holding_Residential_Property_on_Inter_Vivos_Trusts_in_Singapore_Transfers_to_Trustees.pdf
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spelling sg-smu-ink.sol_research-59522022-10-06T01:57:27Z Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests OOI, Vincent As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are met. These conditions effectively mean that residential property held on inter vivos trusts in Singapore must be given to beneficiaries without conditions or powers of revocation or variation. This has major ramifications for succession planning, since such restrictions largely defeat the purpose of using a trust to hold property in the first place. 2022-10-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/sol_research/3994 info:doi/10.1093/tandt/ttac096 https://ink.library.smu.edu.sg/context/sol_research/article/5952/viewcontent/Holding_Residential_Property_on_Inter_Vivos_Trusts_in_Singapore_Transfers_to_Trustees.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Yong Pung How School Of Law eng Institutional Knowledge at Singapore Management University Tax Law Trusts Law Taxation of Trusts Singapore Law Stamp Duties Estates and Trusts Tax Law
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Tax Law
Trusts Law
Taxation of Trusts
Singapore Law
Stamp Duties
Estates and Trusts
Tax Law
spellingShingle Tax Law
Trusts Law
Taxation of Trusts
Singapore Law
Stamp Duties
Estates and Trusts
Tax Law
OOI, Vincent
Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests
description As a response to the “missing beneficial owner” problem highlighted by the Zhao Hui Fang case, amendments have been made to Singapore’s stamp duty regime. ABSD will now be levied at 35% on transfers of residential property to trustees, with a remission available if certain conditions are met. These conditions effectively mean that residential property held on inter vivos trusts in Singapore must be given to beneficiaries without conditions or powers of revocation or variation. This has major ramifications for succession planning, since such restrictions largely defeat the purpose of using a trust to hold property in the first place.
format text
author OOI, Vincent
author_facet OOI, Vincent
author_sort OOI, Vincent
title Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests
title_short Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests
title_full Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests
title_fullStr Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests
title_full_unstemmed Holding residential property on Inter Vivos trusts in Singapore: Transfers of interests
title_sort holding residential property on inter vivos trusts in singapore: transfers of interests
publisher Institutional Knowledge at Singapore Management University
publishDate 2022
url https://ink.library.smu.edu.sg/sol_research/3994
https://ink.library.smu.edu.sg/context/sol_research/article/5952/viewcontent/Holding_Residential_Property_on_Inter_Vivos_Trusts_in_Singapore_Transfers_to_Trustees.pdf
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