|
No. 29 of 2002 |
AN ACT TO AMEND |
THE STAMP ACT TO PROVIDE FOR |
THE EXEMPTION OF STAMP DUTY ON |
INSTRUMENTS RELATING TO THE
ACQUISITION |
AND MORTGAGE OF FIRST HOMES |
(Date of Assent — 30th
December, 2002) |
Enacted by the Parliament of The
Bahamas. |
1.(1) This Act which amends the Stamp
Act may be cited as the Stamp (Amendment) Act, 2002. | Short title and commencement. Ch. 334. |
(2) This Act shall come into
operation on the 1st day of January, 2003 and shall expire on the 1st
day of January, 2008 or such later date as the Minister may appoint by Notice
published in the Gazette. |
2. The principal Act is amended
by the insertion immediately after section 3 of the following new sections - | Amendment of section 3 of the
principal Act. |
“Stamp duty exemption for first time
home owners.
| 3A.(1) Every application by a person for the
exemption of stamp duty on instruments relating to the acquisition and mortgage
of real property valued at two hundred and fifty thousand dollars or less, to
be used exclusively by the owner of such real property as a first time dwelling
house shall be made in writing to the Minister of Finance and such application
shall be accompanied by an affidavit by such person stating that he intends to
occupy and reside in such house and there is no other house being held on his
behalf for which an exemption has already been granted. |
| | (2)Any person who applies under
subsection (1) and makes any statement which he knows to be false in a material
particular or recklessly makes any statement which is false in a material
particular, commits an offence and is liable on summary conviction to a fine
equal to three times the amount of any exemption granted or ten thousand
dollars whichever is greater, or to imprisonment for a term not exceeding six
months or to both such fine and imprisonment. |
| | (3)For the purposes of this section
“real property” does not include vacant land. |
| | (4)Where vacant land is purchased
after the coming into force of this Act for the construction of a dwelling
house to be used as a first home and such construction has been completed, the
owner may apply for a refund of any stamp duty paid in respect of any
instrument relating to the acquisition and mortgage of such property. |
| | (5)No claim for relief from taxes
under this section shall be obtained in respect of real or personal property
used solely for commercial purposes.”. |