In March 2012, the UK Government announced its intention to make changes to the way in which property held by “non natural persons” was taxed.
In short, the Government was concerned that it was not receiving sufficient taxation from sales of UK domestic property and, it would appear, saw the UK and in particular the London domestic property market as a good source of revenue. Hence, it announced that it was considering the following changes: More…
Stamp Duty is a tax that is levied on certain documents and transactions inclusive of, inter alia, conveyances, mortgages, cheques, marriage licences, memorandum and articles of association and on the sale of shares/change in beneficial ownership in a company/business.
The rates of stamp duty vary as to the nature of the instrument or transaction. In The Bahamas, stamp taxes are administered by the Public Treasury, a department in the Ministry of Finance, in accordance with a series of Stamp Duty Acts. Certain exemptions are however afforded by the relevant legislation. More…