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Stamp Duties Amendment Act 1993

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Stamp Duties Amendment Act 1993
The Laws of Bermuda
Annual Volume of Public Acts 1993 : 10


1993 : 10


[Date of Assent 22 March 1993]

[Operative Date 17 February 1993]

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

Inserts new ss 46B and 46C in Act No 14 of 1976
2 There are inserted in the Stamp Duties Act 1976 ("the Act") next
after section 46A the following sections—

"Exemption for registered pension trust funds
46B (1) Subject to section 17, stamp duty under Head 15,
17 or 40 is not chargeable on any instrument (not being an
instrument disposing of land in Bermuda) in respect of property
contained in, or added to, the corpus of a registered pension
trust fund.

(2) The expression "registered pension trust fund" in
subsection (1) means a registered fund as defined in section 1 of
the Pension Trust Funds Act 1966.



Exemption for local trustees
46C Stamp duty under Head 6, 15, 17 or 40 is not
chargeable on any instrument executed by a local trustee, not
being an instrument disposing of Bermuda property but being
an instrument to which that local trustee is properly a party,
whether or not the instrument has also been executed by some
other person; and for this purpose "local trustee" means a
trustee who is not an international business as defined in
section 2 of the Stamp Duties (International Businesses Relief)
Act 1990.".

Amends Head 2
3 Head 2 in the Act is amended by deleting paragraph (a) in the
right hand column of the Head and substituting the following—

"(a)(i) on the first $30,000 of the value of the
estate, nil;

(ii) on the next $70,000, 5 per centum;

(iii) thereafter, 10 per centum;"

and, consequentially, section 51 of the Act is amended in the manner
specified in the Schedule to this Act.

4 (1) This Act shall be deemed to have come into operation on
17th February 1993.

(2) As respects section 3 of this Act, subsection (1) of this
section means that the amendment made by section 3 has effect in
relation to affidavits relating to deaths occurring on or after 17th
February 1993.

SCHEDULE (Section 3)

Delete "$20,000" wherever it appears in section 51 of the
Act and substitute "$30,000" in every case.