On the 3rd, it was learned that the government is pushing a plan related to the end of the suspension of the heavier capital gains tax on multi-homeowners: "If a sales contract is signed in an adjustment target area by May 9 and the final payment and registration are completed within up to six months, the heavier capital gains tax will be waived." Earlier, presidential policy chief Kim Yong-beom said, "With the Oct. 15 real estate measures expanding adjustment target areas, there may be multi-homeowners who did not recognize they were eligible for the suspension of the heavier capital gains tax," adding, "In such cases, we are also discussing giving a bit more of a grace period."
According to ChosunBiz reporting, the Ministry of Finance and Economy recently reported to Cheong Wa Dae a plan centered on this content, titled "End of the suspension of the heavier capital gains tax on multi-homeowners and complementary measures."
Under this plan, for areas newly included as adjustment target areas under the Oct. 15 real estate measures, the suspension of the heavier capital gains tax would apply on the condition of "final payment and registration within six months after a sales contract is signed by May 9." In Seoul, all districts except Gangnam, Seocho, Songpa and Yongsan fall under this, as do Gwacheon, Gwangmyeong, Seongnam (Bundang, Sujeong, Jungwon), Suwon (Yeongtong, Jangan, Paldal), Anyang Dongan, Uiwang, Hanam and Yongin Suji.
The plan also says that for areas that were already adjustment target areas before the Oct. 15 measures were announced, the suspension of the heavier capital gains tax would apply on the condition of "final payment and registration within three months after a sales contract is signed by May 9." Seoul's Gangnam, Seocho, Songpa and Yongsan are included in such areas.
On this, a government official said the plan "takes into account the time it takes to obtain land transaction permits when transferring dwellings in adjustment target areas and the need to protect tenants."
Based on this plan, the government will draw up a final version, gather public input, and finalize the plan to end the suspension of the heavier capital gains tax on multi-homeowners.