ESTATE DUTY IN SINGAPORE
Estate duty is a tax on the total market value of a person’s assets at the date of the death. Estate duty in Singapore has been removed for deaths on and after 15 Feb 2008!
The deceased’s assets, as a whole, are called an estate. A person’s estate includes the following :
- All assets owned by the person in his or her sole name;
- The deceased person’s share or assets owned jointly with others;
- Gifts made within 5 years before his or her date of death;
- Gift made anytime from which he or she retains some benefits.