Vendors and purchasers of real estate will have to furnish additional information to their solicitors from 1 October 2015. It will include transferring properties that’s in trust. A Land Transfer Tax Statement is required and will bear the party’s Inland Revenue Department number.
If the property is disposed of within two years from obtaining it and it is not the vendor’s primary residence, the gains is included in the vendor’s income tax return as ordinary income taxed at marginal rates. This will address speculators and also attempt to slow down the spiraling house prices.