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Finance Minister Lawrence Wong has introduced a bill to amend the Stamp Duties Act to help plug gaps in existing policies. Effective Tuesday, additional conveyance duties will apply to the transfers of shares of property-holding entities into living trusts. This comes a day after a new additional buyer’s stamp duty went into effect. This 35% will be payable for all residential property transferred into living trusts, regardless of whether a beneficiary has been identified or not.
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