Stamp Duties Amendment Act 1995

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/1995/Acts/Stamp%20Duties%20Amendment%20Act%201995.pdf

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Stamp Duties Amendment Act 1995
The Laws of Bermuda
Annual Volume of Public Acts 1995 : 13

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45

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
1995.

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 1976
3 Section 36 of the Act is amended by substituting a full stop for
the colon and deleting the proviso to the section.

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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 1995.

(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 1995.

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Annual Volume of Public Acts 1995 : 13

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(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.

SCHEDULE (Section 6)

Head 2: Delete the stamp duty Table and substitute the
following—

"(i) on the first $50,000 of the value of the
estate, nil;

(ii) on the next $150,000, 5 per centum;

(iii) on the next $800,000, 10 per centum;

(iv) thereafter, 15 per centum."

Head 6: 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) on the next $150,000 of the
amount or value, 5 per centum;

(cc) on the next $800,000 of the
amount or value, 10 per
centum;

(dd) thereafter, 15 per centum; and

(ii) 1/10 per centum of the amount or value
of other property in the trust or
settlement or $10,000, whichever is
less."

Head 14: Delete the stamp duty Table and substitute the
following Table—

STAMP DUTIES AMENDMENT ACT 1995

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"(i) on the first $100,000 of that amount or
value, or any part thereof, 2 per centum;

(ii) on the next $400,000 of that amount or
value, or any part thereof, 3 per centum;

(iii) on the next $500,000 of that amount or
value, or any part thereof, 4 per centum;

(iv) thereafter, 5 per centum."

Heads 15 and
17:

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) on the next $400,000 of that
amount or value, or any part
thereof, 3 per centum;

(cc) 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 50

(ii) 1,200 or more but under
1,500 75

The Laws of Bermuda
Annual Volume of Public Acts 1995 : 13

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(iii) 1,500 or more but under
2,500 100

(iv) 2,500 or more but under
3,500 150

(v) 3,500 or more but under
5,000 250

(vi) 5,000 or more 300."

Head 40: Delete the stamp duty Table in paragraph (i) and
substitute the following Table—

"(aa) on the first $50,000 of the amount or
value, nil;

(bb) on the next $150,000 of the amount or
value, 5 per centum;

(cc) on the next $800,000 of the amount or
value, 10 per centum;

(dd) thereafter, 15 per centum."

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