If the shares distributed are in accordance to a Will, Intestate Succession Act and Muslim Law of Inheritance, a fixed duty of $10 will be charged. You can stamp the document using “Transfer by Assent” module in the e-stamping system.
As announced in Budget 2011, fixed duty has been removed for most documents executed on and after 19 February 2011. If the document is executed before 19 February 2011, fixed duty remains payable.
If the distribution of shares is not in accordance to the above-mentioned, nature of the transaction will be regarded as a transfer by of gift or transfer on sale .
Hence, full duty rates will be applied on the excess entitlement acquired by the beneficiary.
Stamp Duty Rates
The rate is as follows:
Fixed Duty
Distribution of shares to the beneficiary in a deceased estate
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Duty
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- Transfer according to a Will
- Transfer according to Intestate Succession Act
- Transfer according Muslim Law of Inheritance
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$10 for document executed before 19 February 2011.
Duty is removed for document executed on and after 19 February 2011.
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Full Duty
Full duty will be charged on the excess entitlement acquired by the beneficiary. The rate is as follows:
Based on Net Asset Value of the Shares Transferred
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Value of Shares Transferred
- Every $100 or part thereof
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$0.20
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