Talent Attraction Measure: Stamp duty refund for eligible incoming talents (subject to passage of amendments to the Stamp Duty Ordinance)

 

 

A:

An eligible incoming talent may apply for refund if the following conditions are fulfilled –

1. he/she as an eligible incoming talent has acquired a residential property in Hong Kong on or after 19 October 2022;
2. at the time of acquisition of the property concerned, he/she must hold a valid visa under the designated talents admission schemes and does not own any other residential property in Hong Kong (unless he/she acquires the property concerned to replace his/her only residential property in Hong Kong, i.e. to buy a new one and then sell the original one, within 12 months from the date of assignment of the property concerned);
3. he/she has become a Hong Kong permanent resident (HKPR);
4. at the time of application for refund of stamp duty, he/she is still the owner of the property concerned; and
5. he/she can only apply for refund in respect of one residential property.

 

 

A:

The designated talents admission schemes include the General Employment Policy (GEP), Admission Scheme for Mainland Talents and Professionals (ASMTP), Quality Migrant Admission Scheme (QMAS), Technology Talent Admission Scheme (TechTAS), Immigration Arrangements for Non-local Graduates (IANG), Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents (ASSG) and Top Talent Pass Scheme (TTPS).

 

 

A:

An eligible incoming talent is a non-HKPR admitted to Hong Kong through the designated talents admission schemes. Documentary proof for the status includes label/notification slip for (i) entry visa/permit; or (ii) conditions of stay issued upon extension of stay (where applicable) covering the date of acquisition of the property concerned.

 

 

A:

A valid Hong Kong Permanent Identity Card as defined under the Registration of Persons Ordinance (Cap. 177).

 

 

A:

Where there are more than one agreement for sale made between the same parties and on the same terms in respect of the property (e.g. a PASP and an ASP), it is the date of the first of those agreements (i.e. PASP) that is taken as the date of acquisition of the property. In this case, Mr. X has acquired the residential property before 19 October 2022. He is therefore not entitled to apply for refund of the stamp duty after becoming a HKPR.

 

 

A:

No. Mr. X will not be entitled to apply for refund since he owns a residential property (the first property) when he acquires the second property.

 

 

A:

No. Because Mr. X does not hold the property at the time of application for refund of stamp duty.

 

 

A:

No. Mr. X is only entitled to apply for refund of stamp duty in respect of his first property (i.e. Property A).

 

 

A:

No. Since Property A is not disposed of within 12 months from the date of assignment of Property B, Mr. X is not entitled to apply for refund of stamp duty in respect of Property B. Since Property A has been sold before he becomes a HKPR, he cannot claim refund in respect of Property A either.

 

 

A:

Mr. X is not entitled to apply for refund of stamp duty. This is in line with the treatment under the existing legislation where HKPRs have to pay AVD at Part 1 of Scale 1 rate under a similar situation.

 

 

A:

Given that Ms. Y is not an eligible incoming talent, Mr. X and Ms. Y are not entitled to apply for refund of stamp duty even after Mr. X has become a HKPR. This is in line with the treatment under the existing legislation where a residential property is jointly acquired by a HKPR and a non-HKPR, the owners have to pay BSD and AVD at Part 1 of Scale 1 rate.

 

 

A:

They will be entitled to apply for refund of stamp duty after both of them have fulfilled all the conditions listed in the answer to Question 1 above.

 

 

A:

Under the existing legislation, where a HKPR acquires a residential property jointly with his/her non-HKPR close relative(s), they are not required to pay BSD. If at the time of acquisition of the residential property, they do not own any other residential property in Hong Kong, they need to pay AVD at Scale 2 rates only. Close relatives are parent, spouse, child, brother or sister. If there are more than two persons, they are closely related if each of the persons is a parent, spouse, child, brother or sister of each of the other persons. In the present case, Mr. X and Ms. Y are close relatives and thus they are not required to pay BSD and AVD at Part 1 of Scale 1 rate in the first place when they acquired the property concerned.

 

 

A:

An eligible incoming talent who has acquired a residential property in Hong Kong jointly with his/her non-HKPR close relative(s), no matter whether the close relative is an eligible incoming talent, is entitled to apply for refund of stamp duty provided that both (all) of the owners have fulfilled other conditions listed in the answer to Question 1 above (e.g. they do not own any other residential property in Hong Kong and they have become HKPRs). In the present case, Mr. X and Ms. Y will be entitled to apply for refund of stamp duty after they have become HKPRs, provided that they are still holding that jointly owned residential property at the time of application for refund.

 

 

A:

It should be noted that the proposed stamp duty refund measure has to be implemented by way of legislative amendments to the Stamp Duty Ordinance. The Government will introduce the relevant Stamp Duty (Amendment) Bill to the Legislative Council in due course. Details of the amendments are subject to change during the legislative process. The Stamp Office will only accept refund application after gazettal of the new legislation providing for the new refund mechanism.