Currently, the Seller Stamp Duty (SSD) is paid by homeowners who sell their residential property within four years of purchase, at rates of between four percent and 16 percent of the property’s value. Since this measure was introduced in January 2011, the number of property sales within the four-year window has fallen significantly.
As such, the government will now reduce the holding period for imposing SSD from the current four years to three years. The SSD rate will also be lowered by four percentage points for each tier. The new rates will range from four percent for properties sold in the third year to 12 percent for those sold within the first year.
Some property analysts expect a modest boost in home sales in 2017 after the change in the seller stamp duty ( SSD) rules take effect.
Some property analysts expect a modest boost in home sales in 2017 after the change in the seller stamp duty ( SSD) rules take effect.
