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:-
- 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;
- 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%|
Article by Owen Foley
“The information provided in this article does not constitute legal advice and is not intended by the authors or Misick & Stanbrook to do so.
Before relying on any information or opinion in any article appearing on the Misick & Stanbrook website, you ought first to obtain advice on your particular circumstances from your Misick & Stanbrook professional.”