ABSD Rates and Remission for Married Couples

You are probably already aware that a married couple may be eligible for ABSD remission conditions on the purchase of a residential property if the requirements for ABSD remission outlined in the Stamp Duties (Spouses) (Remission of ABSD) rules are met at the time you are reading this.

How to avoid ABSD, however, is essential to understand. You don’t need to worry if this isn’t the case; you’re in the correct spot. To start, full ABSD remission may be applicable to a married couple buying a residential property together.

The couple must have a Singapore Citizen (SC) companion, and the property must be purchased wholly in their names. The spouses are also not permitted to own residential property. Both BSD and ABSD are required at the time of stamping. How even, if you also match the eligibility requirements, you can apply for these remission conditions instead of making an ABSD payment.

As long as the requirements for ABSD are satisfied, ABSD remission may also be applicable to a married couple who buy a second residential property together. The property must be purchased in the names of the couple and a Singaporean national.

You need to understand the conditions outlined in Stamp Duties for Spouses if you want to learn how to avoid ABSD. However, the married couple had no other residential properties in which they had an interest at the time of the second residential property’s purchase. Paying ABSD on the second residential property was incorrect and only served to worsen the situation.

Married couples should start marketing their first property early and at prices that are regarded realistic in order to make sure they can meet the six-month sale schedule for the ABSD refund. Because they won’t be able to extend the six-month period, married couples who want to avoid the Additional Purchase and Sale Tax (ABSD) may want to consider finding a buyer for the sale of their first property before buying their second.

It’s crucial to keep in mind that Singaporeans who are not married and are at least 55 years old are eligible for an ABSD refund, subject to the fulfillment of certain conditions. When this policy goes into effect on February 16, 2024, it will broaden the scope of ABSD confessions, which were previously restricted to married couples. Older singles who wish to move without incurring additional tax costs will find it easier to make the adjustment. Learn more about How to Avoid ABSD in Singapore to make sure no details are missed.