4 Jun 2013

IMMINENT INCREASE IN STAMP DUTY ON TCI LAND TRANSACTIONS

In the clearest sign yet that some buoyancy has returned to the TCI real estate market, the TCI Government has announced changes to TCI’s stamp duty regime.

With effect from 1st July 2013:-

  1. The previous discount of 10% for payment of stamp duty in a lump sum within 30 days of the date of the instrument concerned will be removed;
  2. The rate of stamp duty on TCI land transactions will increase, with the new rates as follows:-
Purchase Price        Location   Rate of Duty
Not more than $25,000 Throughout TCI NIL
$25,000* – $100,000  Grand Turk, South Caicos, Middle Caicos, North Caicos, East Caicos, and Salt Cay  5%
More than $100,000 Grand Turk, South Caicos, Middle Caicos, North Caicos, East Caicos, and Salt Cay 6.5%
$25,000* – $250,000  Elsewhere in TCI 6.5%
$250,000* – $500,000 Elsewhere in TCI 8%
More than $500,000  Elsewhere in TCI 10%

*More than

Article by Owen Foley

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