Hung, Sheung Lun
Centaline Property Agency Ltd v Irene Fung Wai Yee
HK District Court, 30-Jun-2014
SSD tragedy: a husband passed half a flat to his wife on 23-Aug-2011, shortly before he died, making them joint owners. She became sole owner on his death, and agreed to sell on 9-Apr-2012 but was subsequently faced with 10% Special Stamp Duty on her half because she had acquired it within 1 year of the sale. So she agreed to cancel the sale, paid the buyer $180k and now has to pay the agent $105.6k in commission. And all because the Government thinks SSD is a good idea, and that she must be a "speculator".
HK District Court, 30-Jun-2014
SSD tragedy: a husband passed half a flat to his wife on 23-Aug-2011, shortly before he died, making them joint owners. She became sole owner on his death, and agreed to sell on 9-Apr-2012 but was subsequently faced with 10% Special Stamp Duty on her half because she had acquired it within 1 year of the sale. So she agreed to cancel the sale, paid the buyer $180k and now has to pay the agent $105.6k in commission. And all because the Government thinks SSD is a good idea, and that she must be a "speculator".
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