Details
Dear Commissioner,
I refer to the letter dated to enquire about the captioned disposal of the property.
This property was acquired with the intention of self-use as I was planning to get married within this year. However, due to unforeseeable events after I signed the temporary S&P agreement, the engagement was cancelled. Since then I don't see the need to move into the new location which is more suitable for newly wedded with a plan to have 1-2 children within the next 5 years. I don't know when will I get the next opportunity therefore, rather than stepping into a long-term financial commitment right now, I prefer to stay flexible.
I trust that you would agree the intention of acquiring the property in the first place was for long-term self-use and never was for a profit-seeking motive. Therefore, any gain realized from the disposal of the property should be regarded as capital in nature and not subject to HK tax.
Attached please find copies of documentary evidence to substantiate the above scenario.
Kind Regards,
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