Tightening up of the exemption arrangement under the New Residential Stamp Duty

On 11 April 2017, the Government announced that it would introduce legislative amendments to tighten up the existing exemption arrangement for Hong Kong permanent residents in respect of the new residential stamp duty.   The Government proposed that, unless specifically exempted or otherwise provided in the law, any instrument executed on or after 12 April 2017 for acquisition of more than 1 residential property under that instrument will be subject to the proposed new ad valorem stamp duty (AVD) flat rate at 15%.  For details, please refer to the Press Release and the Frequently Asked Questions for AVD – New AVD rate for acquisition of more than 1 residential property under one instrument.