Stamp Duty On Tenancy Agreement Hk

Although a rental document may be registered with the land registry, Article 3(2) of the Cadastre Regulation provides that the principles of termination and priority do not apply to `bona faith leases for the rental of shelves for a maximum period of 3 years`. Stamp duty is a tax on certain written documents that attest to transactions. Parties to a rental document are required, in accordance with Schedule 1 of the Stamp Duty Regulations (Cap. 117 of the Laws of Hong Kong), to pay stamp duty on the document. The rate of stamp duty varies depending on the duration/rental period. The current interest rates are as follows. A licence does not transfer shares ashore and is not subject to stamp tax. However, if there are doubts as to who is subject to rent tax, it is good to request the decision of the Tampon Office. The current decision fee is 50 $US. In the context of a procedure, documents subject to excise duty on stamps may be obtained as evidence only if they are duly affixed.

For more information on unbamped documents and insufficient consideration, click here. If you have any questions about rental issues or need assistance, you can turn to the Rating and Evaluation Service (RVD) for free inquiries, support and brokerage services. You can also get free legal advice from the Duty Lawyer Service. If your property is still under mortgage, you should obtain the prior agreement of the mortgage borrower for the rental of the property. Otherwise, you risk contravening your mortgage contract and your borrower could repossess the property. An instant stamp service by GovHK (www.gov.hk/etax) You should inform your tenant if you decide to sell your rental property. If no new agreement is reached between your tenant and the new owner of the property, the terms of the existing lease will continue to apply. Remember to clarify with the tenant and the new owner the responsibility for reimbursing the deposit to the tenant.

Stamp certificates issued by the stamp receipt collector have the same legal status as conventional instrument stamps. Certificate authentication is possible for www.gov.hk/estamping. 9 Example 4A 4-year lease agreement with the tenant`s right to break at the end of the second year is treated as a 4-year term. Calculation of stamp duty Calculations are made on the basis of the stamp of the documents within thirty days from the date of signature of the contracts. Otherwise, sanctions will be imposed. Fixed rent On July 1, 2010, an 8-month lease was signed with example 5 monthly rents of $5,000….