Stamp Duties Amendment (No. 2) Act 1995

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1995/Acts/Stamp%20Duties%20Amendment%20%28No.%202%29%20Act%201995.pdf

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Stamp Duties Amendment (No. 2) Act 1995
The Laws of Bermuda
Annual Volume of Public Acts 1995 : 14

1

51

BERMUDA
1995 : 14

STAMP DUTIES AMENDMENT (NO. 2) ACT 1995

[Date of Assent 22 March 1995]

[Operative Date 27 February 1995]

WHEREAS it is expedient further 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 (No. 2)
Act 1995.

Interpretation
2 In this Act —

"the Act" means the Stamp Duties Act 1976;

"Head" means Head in the Schedule to the Act.

Repeal and replacement of s 38B
3 Section 38B of the Act is repealed and the following section is
substituted—

STAMP DUTIES AMENDMENT (NO. 2) ACT 1995

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"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,
increased by the amount of the above fee; and

(bb) the selling price realized upon the conveyance on
sale,

if the selling price is greater."

Amendment of Head 40
4 Head 40 is amended—

(a) by deleting paragraph (2)(i) and substituting the
following—

"(i)(aa) up to the point at which the total amount of
any duty paid on Bermuda property under
this Head (whether in respect of an
instrument of addition or otherwise) equals
$7,750 in the aggregate, 5 per centum of the
amount or value of the Bermuda property
added;

(bb) on the next $800,000 of the amount or
value of the Bermuda property added, 10
per centum;

(cc) thereafter, 15 per centum of the amount or
value of the Bermuda property added; and";

(b) by deleting "$4,000" from exemption (b)(ii) and
substituting "$7,500".

The Laws of Bermuda
Annual Volume of Public Acts 1995 : 14

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53

Commencement
5 (1) Subject to this section, this Act is deemed to have come into
operation on 27 February 1995.

(2) Nothing in this Act affects an instrument if on or before 26
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.

STAMP DUTIES AMENDMENT (NO. 2) ACT 1995

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