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.
For deaths before 15 Feb 2008:
Whether a person has a Will or not, the assets are still subject to estate duty upon death. The deceased’s assets, as a whole, are called an estate.
A person’s estate includes:
- All assets owned by the person in his or her sole name;
- The deceased person’s share of assets owned jointly with others;
- Gifts made within 5 years before his or her date of death;
- Gifts made anytime from which he or she retains some benefits.