Death Tax - Estate Duties

Estate Duties are basically "Death Tax" levied by the government. My ambition is to be able to reach the stage where I can pay such a tax. Do you have the same wish?

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What assets are liable for Estate Duties?

If Deceased died domiciled in Singapore

Estate Duty is payable on the market value of all Singapore property (immovable and moveable property) and movable property outside Singapore of the deceased person at the date of death. His land and buildings (immovable property) outside Singapore are not liable to estate duty.

If Deceased died domiciled Outside Singapore

No estate duty is payable on his movable property in Singapore. Only his immovable property (real estate) in Singapore is liable to estate duty.

Certain gifts are not liable to tax
Under the Estate Duty Act, the following gifts made by the deceased during his lifetime are not liable to estate duty:

(1) A gift made 5 years after his death

(2) A gift for public or charitable purposes made twelve months after his death

(3) A gift made in consideration of marriage

(4) A gift not exceeding $1,000 in value

What assets are exempted from Estate Duties?

(1) Dwelling Houses - up to the value of $9 million

(2) All other property (including CPF Balance) - up to the value of $600,000

(3) If the CPF balance exceeds $600,000 - the excess CPF monies above $600,000

What are the rates?

(a) For every dollar of the first $12 million - 5%

(b) or every dollar exceeding $12 million - 10%