Legco Passes Bill To Close Stamp Duty Loophole
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2018-04-12 HKT 09:48
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The Legislative Council has passed a bill to plug a loophole that allowed first-time buyers to avoid stamp duty, when buying several flats at once.
The Housing Secretary, Frank Chan, said some people had been buying more than one flat using one contract, so as to avoid paying a stamp duty of 15 percent on second homes.
Lawmakers from across the political spectrum backed the bill, after the secretary said the loophole undermined the government’s efforts to cool the property market.
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