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Woman wants to sell young son’s $2m condo but can’t show it’s for his benefit
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The High Court disallowed a woman from selling a property that is held on trust for her young son as she could not convince the judge that the sale was for his benefit.
ST ILLUSTRATION: MANNY FRANCISCO
Follow topic:
- A woman's High Court application to sell her son's trust apartment was rejected due to a lack of transparency about her finances and the sale's purpose.
- Buying property under trust for children to avoid ABSD can be problematic, requiring court approval for sales and facing IRAS penalties for sham arrangements.
- ABSD of 65 per cent now applies for trust properties, requiring significant cash outlay and strict adherence to trust rules to avoid penalties and legal action.
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SINGAPORE - A woman put a $2 million apartment on trust for her then six-year-old son but wanted to sell it when the value of the property went up by about $500,000.
But her decision hit a major roadblock when she applied to the High Court for permission to sell because she could not convince the judge that the sale was for the benefit of the son, who is the owner of the property.
