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Stamp duty

Stamp Duty Rates

Stamp duty for leases, involving a fixed rental throughout the rental period, will be computed based on the gross rent. The gross rent will include the following :

  • Base Rent
  • Service Charge, if any
  • Maintenance Charges, if any
  • Advertising and Promotion Charges, if any
  • Furniture / Fittings Charges, if any
  • Other Charges, any additional rent arising from turnover sales, if any

Thereafter, the appropriate rates of duty will be applied depending on the term of the tenancy stated in the document.

Stamp duty on leases is computed on all charges (except GST) paid by the tenant to landlord.

The stamp duty rates are as follows :

Where the lease term is for a period
Where the annual rent exceeds $1000

Up to 1 year

More than 1 year and up to 3 years

More than 3 years or for an indefinite term

For every $250/- or part thereof of the average annual rent $1 $2 $4

 

Duty on duplicate

Duty on duplicate is $2. This additional amount will be added to the stamp duty payable.

As announced in Budget 2011, duty on duplicate document executed on and after 19 February 2011 has been removed.  If the document is executed before 19 February 2011, duty on duplicate remains payable.

Stamp Duty Computation

An example on the computation of stamp duty for leases involving fixed rental is as follows: -

If the base rent is $ 1,800 per month, the rent for furniture & fittings is $ 500 per month, other charges are $140 per month, what is the stamp duty?

Base Rent $1,800 per month
Furniture & Fittings $500 per month
Others $140 per month
Total Gross Rent  $2,440 per month 

 

       1. To compute the average annual gross rent = $2,440 x 12 months = $29,280

       2. To determine how many parts of $250 in the annual rent = $29,280 / 250 = 117.12 (round up to 118)

       3. Stamp duty payable is :

           If the lease term is up to 1 year,

           Stamp Duty Payable  = 118 x $1 = $118

           If the lease term is more than 1 year and up to 3 years,

           Stamp Duty Payable = 118 x  $2 = $236

           If lease term is more than 3 years or for an indefinite term,

          Stamp Duty Payable = 118 x $4 = $472      


Nominal Duty

Stamp duty has to be paid on the first lease document before nominal duty can be charged on subsequent documents executed for the same lease.

As announced in Budget 2011, nominal duty has been removed for subsequent document executed on and after 19 February 2011.  If the subsequent document is executed before 19 February 2011, nominal duty remains payable.

Nominal Duty Charges

 

Documents executed relating to the same lease Nominal Duty
Agreement for Lease executed after an Acceptance to the Letter of Offer to Lease, where the contractual terms of the lease remain unchanged $10
Lease executed after an Acceptance to Letter of Offer to Lease, where the contractual terms of the lease remain unchanged $2
Lease executed after an Agreement for Lease, where the contractual terms of the lease remain unchanged $2

 

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Last Updated on 6 March 2014


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