Closing stamp duty loophole
Closing stamp duty loophole
- 1999
- Property Week 64(46) 26 November 1999, 5(1) .
Government is planning to close a loophole in the current stamp duty system in which specially created corporate tax vehicles can be used to avoid the 3.5% levy. A vendor can set the vehicle to hold the property for sale, and then sell shares in the company, subject to only 0.5% tax. It may not be possible however to regulate for such vehicles which are registered overseas.
STAMP DUTY
TAX
LOOPHOLES
PROPERTY-COMMERCIAL PROPERTY
Government is planning to close a loophole in the current stamp duty system in which specially created corporate tax vehicles can be used to avoid the 3.5% levy. A vendor can set the vehicle to hold the property for sale, and then sell shares in the company, subject to only 0.5% tax. It may not be possible however to regulate for such vehicles which are registered overseas.
STAMP DUTY
TAX
LOOPHOLES
PROPERTY-COMMERCIAL PROPERTY