BERMUDA 1995 : 13 STAMP DUTIES AMENDMENT ACT 1995

Transcription

1 The Laws of Bermuda Annual Volume of Public Acts 1995 : 13 BERMUDA 1995 : 13 STAMP DUTIES AMENDMENT ACT 1995 [Date of Assent 22 March 1995] [Operative Date 15 February 1995] WHEREAS it is expedient to amend the Stamp Duties Act 1976: Be it enacted by The Queen's Most Excellent Majesty, by and with the advice and consent of the Senate and the House of Assembly of Bermuda, and by the authority of the same, as follows: Short title 1 This Act may be cited as the Stamp Duties Amendment Act Interpretation 2 In this Act "the Act" means the Stamp Duties Act 1976; "Head" means Head in the Schedule to the Act. Amendment of s 36 of Act No 14 of Section 36 of the Act is amended by substituting a full stop for the colon and deleting the proviso to the section. 45 1

2 STAMP DUTIES AMENDMENT ACT 1995 Addition of new s 38B 4 There is inserted in the Act next after section 38A the following section "Special duty in certain cases 38B Where (a) a fee referred to in subsection (2) of section 88 of the Bermuda Immigration and Protection Act 1956 has been paid in respect of land by or on behalf of a person referred to in that subsection (in this section called "the restricted person"); and (b) that land is then transferred by or on behalf of the restricted person to some other person by a conveyance on sale, there shall be paid by the person transferring the land, within 30 days of the execution of the instrument of transfer, duty in an amount equal to 10 per centum of the difference between (aa) the purchase price paid by or on behalf of the restricted person for the acquisition of the land; and (bb) the selling price realized upon the conveyance on sale, if the selling price is greater.". Amendment of s 51 5 Section 51 of the Act is amended by deleting "$30,000" wherever it appears and substituting "$50,000". Amendment of Heads 6 The Heads specified in the left-hand column of the Schedule are amended in the manner respectively specified in the right-hand column of the Schedule. Commencement 7 (1) Subject to this section, this Act is deemed to have come into operation on 15 February (2) As respects the amendment made to Head 2 by section 6 and the Schedule, subsection (1) of this section means that the amendment has effect in relation to affidavits of value made in respect of deaths occurring on or after 15 February

3 The Laws of Bermuda Annual Volume of Public Acts 1995 : 13 (3) Nothing in this Act affects an instrument if on or before 14 February 1995 the instrument had been received by the Accountant- General (a) in complete and final form (save for stamping) for the purpose of stamping; or (b) accompanied by a request in writing for his opinion on the instrument under section 22 of the Act. Head 2: Head 6: Head 14: SCHEDULE (Section 6) Delete the stamp duty Table and substitute the following "(i) (iii) (iv) on the first $50,000 of the value of the estate, nil; on the next $150,000, 5 per centum; on the next $800,000, 10 per centum; thereafter, 15 per centum." in respect of case (iii), delete the stamp duty rates (other than the $250 rate) and substitute the following "(i) in respect of Bermuda property in the trust or settlement (aa) on the first $50,000 of the amount or value, nil; (bb) (cc) (dd) on the next $150,000 of the amount or value, 5 per centum; on the next $800,000 of the amount or value, 10 per centum; thereafter, 15 per centum; and 1/10 per centum of the amount or value of other property in the trust or settlement or $10,000, whichever is less." Delete the stamp duty Table and substitute the following Table 3 47

4 STAMP DUTIES AMENDMENT ACT 1995 Heads 15 and 17: "(i) (iii) (iv) on the first $100,000 of that amount or value, or any part thereof, 2 per centum; on the next $400,000 of that amount or value, or any part thereof, 3 per centum; on the next $500,000 of that amount or value, or any part thereof, 4 per centum; thereafter, 5 per centum." Delete in each case the stamp duty Table relating to Bermuda property and substitute the following Table "(aa) on the first $100,000 of that amount or value, or any part thereof, 2 per centum; (bb) (cc) on the next $400,000 of that amount or value, or any part thereof, 3 per centum; on the next $500,000 of that amount or value, or any part thereof, 4 per centum; (dd) thereafter, 5 per centum." Head 25: Delete paragraph (b) and substitute the following "(b) if granted in consideration of a rent Stamp Duty in accordance with the following Table Amount or value of rent per month in $ Duty in $ (i) under 1, ,200 or more but under 1,

5 The Laws of Bermuda Annual Volume of Public Acts 1995 : 13 (iii) 1,500 or more but under 2, (iv) (v) 2,500 or more but under 3, ,500 or more but under 5, (vi) 5,000 or more 300." Head 40: Delete the stamp duty Table in paragraph (i) and substitute the following Table "(aa) (bb) (cc) (dd) on the first $50,000 of the amount or value, nil; on the next $150,000 of the amount or value, 5 per centum; on the next $800,000 of the amount or value, 10 per centum; thereafter, 15 per centum." 5 49

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