STAMP DUTY ON PROPERTY TRANSACTIONS
| (i) | Comparison of present and proposed rates of stamp duty
(subject to marginal relief) |
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| Property consideration |
Present | Proposed | |||
| Up to $1,000,000 |
$100 |
$100 |
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| $1,000,001 to $2,000,000 |
0.75% |
0.75% |
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| $2,000,001 to $3,000,000 |
1.50% |
1.50% |
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| $3,000,001 to $4,000,000 |
2.00% |
2.25% |
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| $4,000,001 to $6,000,000 |
2.75% |
3.00% |
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| $6,000,001 and above |
2.75% |
3.75% |
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| (ii) | Broad effect of the adjustments on property transactions
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| Property consideration |
Estimated number of transactions which will be affected under the Budget proposal in 1999-2000 |
Average stamp duty increase per transaction |
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| Up to $3,000,000 |
131,100 |
No change |
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| $3,000,001 to $4,000,000 |
13,500 |
$6,358 |
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| $4,000,001 to $6,000,000 |
8,700 |
$11,550 |
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| $6,000,001 and above |
7,900 |
$133,101 |
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| (iii) | Examples to show the effect of adjustments to
the schedule of stamp duty rates
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| Property |
Duty payable | Change | |||
| consideration | Present | Proposed | Amount | Percentage | |
| $3,500,000 |
$70,000 |
$78,750 |
+$8,750 |
+13% |
|
| $5,000,000 |
$137,500 |
$150,000 |
+$12,500 |
+9% |
|
| $6,500,000 |
$178,750 |
$230,000* |
+$51,250 |
+29% |
|
| $8,000,000 |
$220,000 |
$300,000 |
+$80,000 |
+36% |
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| * marginal relief applies. | |||||