Stamp Duties Amendment Act 2000

Link to law: http://www.bermudalaws.bm/Laws/Annual%20Laws/2000/Acts/Stamp%20Duties%20Amendment%20Act%202000.pdf

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Stamp Duties Amendment Act 2000
STAMP DUTIES AMENDMENT ACT 2000

1

BERMUDA
2000 : 8

STAMP DUTIES AMENDMENT ACT 2000

[Date of Assent 28 March 2000]

[Operative Date 18 February 2000]

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:

Citation
1 This Act may be cited as the Stamp Duties Amendment Act
2000.

Interpretation
2 In this Act "Head" means Head in the Schedule to the Stamp
Duties Act 1976.

Amends section 38A of Stamp Duties Act 1976
3 Section 38A of the Stamp Duties Act 1976 is amended in
subsection (2) by deleting the figure "$100" and substituting the figure
"$200".

STAMP DUTIES AMENDMENT ACT 2000

2

Amendment of Heads
4 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
5 (1) Subject to this section, this Act is deemed to have come into
operation on 18 February 2000.

(2) Nothing in this Act affects an instrument if on or before 18
February 2000 the instrument had been received by the Tax
Commissioner—

(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 Stamp Duties Act
1976.

SCHEDULE (section 4)

Head 3: Opposite the words "Stamp Duty" delete "$5" and
substitute "$20".

Head 14: In the stamp duty table, delete item (iv) and substitute the
following—

"(iv) on the next $500,000 of that amount or value (over
$1,000,000 but not exceeding $1,500,000), or any
part thereof, 5 per centum;

(v) thereafter, 6 per centum.".

Head 15: In the stamp duty table—

(a) delete the item (i)(dd) and substitute the following—

"(dd) on the next $500,000 of that amount or value
(over $1,000,000 but not exceeding $1,500,000),
or any part thereof, 5 per centum;

(ee) thereafter, 6 per centum."; and

(b) in item (ii), delete "½ per centum" and substitute "1 per
centum.".

STAMP DUTIES AMENDMENT ACT 2000

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Head 17: In the stamp duty table—

(a) delete item (i)(dd) and substitute the following—

"(dd) on the next $500,000 of that amount or value
(over $1,000,000 but not exceeding $1,500,000),
or any part thereof, 5 per centum;

(ee) thereafter, 6 per centum."; and

(b) in item (ii), delete "½ per centum" and substitute "1 per
centum.".

Head 18: Opposite the words "Stamp Duty" delete "$100" and
substitute "$200".

Head 20: Opposite the words "Stamp Duty" delete "$50" and
substitute "$100".

Head 21: Opposite the words "Stamp Duty", delete "$50" and
substitute "$100".

Head 25: (a) Delete the stamp duty table under paragraph (b) and
substitute the following Table—

"Amount or value of Duty in
rent per month $

(i) Under $1,200 75.00
(ii) $1,200 or more but under $1,500 100.00
(iii) $1,500 or more but under $2,500 150.00
(iv) $2,500 or more but under $3,500 200.00
(v) $3,500 or more but under $5,000 300.00
(vi) $5,000 or more 400.00";

and

STAMP DUTIES AMENDMENT ACT 2000

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(b) insert next after paragraph (g) the following—

"(h) if granted without consideration of a rent—

(i) calculate 1/12 of the annual rental value, as
determined under the Land Valuation and Tax
Act 1967, of the premises leased; and

(ii) treat the figure arrived at as a result of such
calculation as if it were the amount or value of
rent per month; and

(iii)apply the stamp duty appropriate to that
amount or value of rent per month as specified
in the Table to paragraph (b) to the figure
arrived at as a result of such calculation.

Time for stamping: 30 days after execution

Person liable: All persons executing.".

Head 32: Opposite the words "Stamp Duty", delete "$5" and
substitute "$15".

Head 37: Opposite the words "Stamp Duty" delete "1/50th per
centum" and substitute "1/30th per centum".