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Stamp duty anxiety

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  1. #31

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    Quote Originally Posted by Cornmeal:
    Sure except the agent has the forms as he was supposed to them them.
    E-stamping

    http://www.ird.gov.hk/eng/tax/e_stamp.htm
    Cornmeal likes this.

  2. #32

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    Quote Originally Posted by shri:
    More than the taxes - landlords are afraid that their banks might find out it is not an occupied property and is a rented property. Different interest rates will apply.

    This is the step they're worried about.
    Lets say that this is the case with my owner, perhaps she didn't realize something and is now trying to work around this or a related mortgage issue.

    If she simply just doesn't want to do the stamp duty for that reason (and is just too embarrassed or scared to come right out and tell me) the rent should be discounted, no? How much less do people pay PM with these types of arrangements? I just want it settled so I don't have to think about it anymore.

    Cheers

  3. #33

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    You're a tenant for 14 months (min) - 24 months. The mortgage rate issue is for the lifetime of the mortgage. Difficult for the owner to switch around just for you and get the lease stamped.

    As others have noted - common for landlords to not stamp the lease. Particularly in the village houses.


  4. #34

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    Quote Originally Posted by shri:
    You're a tenant for 14 months (min) - 24 months. The mortgage rate issue is for the lifetime of the mortgage. Difficult for the owner to switch around just for you and get the lease stamped.

    As others have noted - common for landlords to not stamp the lease. Particularly in the village houses.
    Yes, I'm talking about a hypothetical non-stamping agreement, as the agent suggested they will re-draw the lease. Sorry I thought it was you that mentioned the savings earlier.


    Quote Originally Posted by chuckster007:
    ive rented this village house for 11 years and not once did we go for the stamp duty so my rent is below market value as the LL doesnt have to pay for income tax but I loose out on the rental deduction for my income tax i save up to 5K on rent from market value.
    So if this were to become a hypothetical non-stamping agreement and people save rent on said agreements, well how much? Percentage-wise? You said you save 5K but is that off a normally 30K home or what? Just want to have an idea of what might be negotiated in such a case?
    Last edited by Cornmeal; 14-09-2017 at 11:46 AM.

  5. #35

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    I am changing flat and meet 2 landlord saying they don't want stamping otherwise rent will be higher.

    I wanted to know without stamping the landlord can deny to return the 2 months deposit money ?


  6. #36

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    Quote Originally Posted by aisankit:
    I am changing flat and meet 2 landlord saying they don't want stamping otherwise rent will be higher.

    I wanted to know without stamping the landlord can deny to return the 2 months deposit money ?
    Without stamping it's technically not a legal document. That said it seems there's not much recourse here when it has been stamped if landlord denies returning deposits. The laws on tenancy have been written by landlords and agents...

  7. #37

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    Here's an excerpt from a ruling that I've posted before.

    21. Once a binding contract or tenancy agreement is formed, whether it is stamped under the Stamp Duty Ordinance, Cap 117 is irrelevant. Section 15(1) of the Stamp Duty Ordinance only provides that:

    “... no instrument chargeable with stamp duty shall be received in evidence in any proceedings whatsoever except—

    (a) criminal proceedings;

    (b) civil proceedings by the Collector to recover stamp duty or any penalty payable under this Ordinance,

    or be available for any other purpose whatsoever, unless such instrument is duly stamped.”

    It does not state that a tenancy agreement which has not been stamped is invalid or unenforceable. This is particularly the case when section 9 of the Ordinance permits late stamping subject only to penalty.
    https://legalref.judiciary.hk/lrs/co...636&currpage=T

    I have no opinion on unilaterally paying stamp duties and/or claiming rental benefits on unstamped agreements.

    The govt does provide an eStamping service...

    https://www.gov.hk/en/residents/taxes/etax/
    Last edited by shri; 12-05-2020 at 09:49 AM.
    jrkob likes this.

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