Gov’t will recoup waived stamp duty if Belongers sell property to a non-local before 7 years — Premier
Belongers who receive a stamp duty waiver and resell the property to a non-local before seven years will be required to repay the fees that were waived.
Premier Andrew Fahie made that statement on Tuesday while further explaining the conditions of his government’s waiver initiative which was done as part of a wider economic stimulus being provided because of the COVID-19 pandemic.
He said: “If the property is sold or transferred to a non-Belonger within a period of seven years, the sum that is waived at the point of the original sale to the Belonger shall be recouped by the government from the Belonger.”
“Cabinet also decide that if the property is resold or transferred to another Belonger for the period up to 31st May 2021, the waiver of the stamp duty remains applicable,” Fahie added.
The Premier, in meantime, said the waiver initiative will run until May 31, 2021.
Belongers to be reimbursed
Premier Fahie further said locals who would have acquired land from May 7 and started to pay their stamp duty will be able to receive a full refund.
“You would still have to pay until the full amendments are made. But it will be kept in a special fund and you will be reimbursed because it is effective from the 7th of May,” he explained.
Since making the initial announcement of the duty waiver last Friday, Premier Fahie has said Belongers are taking advantage of the initiative and are benefitting from it.
He also said that there will be monthly reporting on the financial and social impact of the waiver.
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