Stamp Duty still would apply even though the property is gifted to your parents. Stamp duty is calculated on the value of the property. On Sale or Transfer of Immovable Property in Hong Kong, rates of Stamp Duty as follows [Where the stamp duty calculated includes a fraction of $1, round-up the duty to the nearest $1.]
Amount or value of the consideration Rate
Exceeds Does not exceed
. $2,000,000 $100
$2,000,000 $2,351,760 $100 + 10% of excess over
$2,000,000
$2,351,760 $3,000,000 1.5%
$3,000,000 $3,290,320 $45,000 + 10% of excess over
$3,000,000
$3,290,320 $4,000,000 2.25%
$4,000,000 $4,428,570 $90,000 + 10% of excess over
$4,000,000
$4,428,570 $6,000,000 3%
$6,000,000 $6,720,000 $180,000 + 10% of excess over
$6,000,000
$6,720,000 . 3.75%
Weir & Associates
Solicitors & Notaries
16th Floor Tak Shing House
Theatre Lane
20 Des Voeux Road Central
Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email :
weirlaw@hongkonglaw.com
www.HongKongLaw.com/weirlaw