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RATES OF STAMP DUTY


$ Agreement under Hand Agreement for Rent or Lease (To be treated as a Lease) Refer to page 51 Item (1) (b) of the Stamp Duty Act. Revocation of a Power of Attorney Deed Poll Revocation of a Deed Poll Deed of Exchange (Where values of properties exchanged are equal) Deed of Division/Partition Surrender of a Lease (Regardless of amount) Deed of Appointment Deed of Partnership Deed of Rectification (Except where property size is being increased License Hypothecation Collateral Security Bonds / Guarantees / Mortgages High Court Bond Trust Deeds Deed of Assent Lease Hold Property Deed of Assent Chattel House Chattel Mortgage 25.00

See page 6 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00 25.00

Bonds of any kind whatsoever, not specifically charged with any duty Refer to page 49 Deeds of any kind, whatsoever not otherwise mentioned in this schedule Refer to page 51 Bid Bond / Bid Security Bond Form 59/ Assignment for collateral / Security Note: Stamp Form 59 with Stamp Duty Cover Stamp Form A/B with Stamp Duty Paid Home Mortgage Bank Bond for Letters of Administration Petition to practice as an Attorney At Law Mortgage Bill of Sale Mortgage Debenture Warrant of Attorney to confess and enter upon Judgement

25.00

25.00

25.00 25.00

5.00 10.00 250.00

$ 1.00 for every $ 250.00 or part thereof. (In other words $ 4.00 per thousand.

Deed of Covenant, Performance Bond

.50 for every $ 250.00 or part Thereof. (In other words $ 2.00 per thousand.)

Estate Bond, Covenant or Instrument of any kind whatsoever where payment is to continue for a term of life or any other indefinite period.

Stamp Duty .50 for every $ 50.00 or part thereof. (In other words Stamp Duty $ 10.00 per thousand.)

Settlement

Where the amount of value of the property settled or agreed to be settled. Refer to page 55 under the heading Settlement of the Stamp Duty Act.

Stamp Duty will be $ 5.00 for every $ 5.00 or part thereof. (In other words $ 10.00 per thousand.)

Conveyances

(a)

Non Residential (NRC)

Where the amount of value of the consideration for the sale is between:

$1.00 >$300,000 >$400,000

<

$300,000 $400,000

2% 5% on full amount 7% on full amount

Note: This rate applies to both Commercial and Agricultural properties (also Rental properties)

(b)

Residential Properties (RC)

Where the amount of value of the consideration for the sale falls within the following bands i.e.:

$1.00

$850,000

Stamp Duty Exempt

>$850,000

<

$1,250,000

For every dollar of the first $400,000 in excess of $850,000 Stamp Duty will be 3%

>$1,250,000

<

$1,750,000

For every dollar of the next $500,000 in excess of $1,250,000 Stamp Duty will be 5%

>$1,750,000

For every dollar thereafter Stamp Duty will be 7.5%

Summarizing Residential Rates of Stamp Duty

Consideration $1.00 >$850,000 < $850,000 $1,250,000 -

Stamp Duty Payable Nil 12,000 (400,000 @ 3%)

>$1,250,000

<

$1,750,000

37,000 (400,000 @ 3% = 12,000) (500,000 @ 5% = 25,000)

>$1,750,000

Stamp Duty charged @ Three rates of tax: i) ii) iii) 400,000 @ 3% 500,000 @ 5% Excess over 1,750,000 @ 7.5%

(c)

Residential Land Only

Where the amount of value of the consideration for the sale falls within the following bands i.e.: $1.00 >$450,000 < $450,000 $650,000 Stamp Duty Exempt For every dollar of the first $200,000 in excess of $450,000 Stamp Duty will be 2% For every dollar of the next $200,000 in excess of $650,000 Stamp Duty will be 5% For every dollar thereafter Stamp Duty will be 7%

>$650,000

<

$850,000

>$850,000

The same principles will apply to Residential / Non Residential Properties acquired re the following transactions: i) ii) iii) Deed of Gift Memorandum of Transfer Memorandum of Transfer Freehold Property Leasehold Property by way of a Premium can be exempted. If acquired by way of rent no exemptions can be obtained.

Mortgage on residential properties

Where the sum secured by the mortgage does not exceed $ 850,000, Stamp Duty will be exempted. Where the sum secured by the mortgage exceeds $ 850,000. Stamp Duty will be charged at the rate of $2.00 per thousand, on the entire sum. If however, the mortgage exceeds the conveyance the difference is charged at the same rate as Non Residential Mortgage. Mortgage must be on the conveyance or transfer on sale of Residential property only.

Definition Of Residential Property (For exemption purpose)

Residential Property means property upon which a house has been erected and which is used wholly or mainly for residential purposes.

Release / Transfer Of A Mortgage 25 for every $ 500.00 or part thereof or 50 per thousand.

Lease Rent

(a)

Where the consideration, or part of the consideration, is any rent

In respect of such considerationIf the rent, whether reserved as a yearly rent or otherwise, is at a rate or average rate per year which If the term does not exceeds 35 years or is indefinite If the term exceeds 35 years but does not exceed 100 years If the term exceeds 100 years.

(i) does not exceed $25

0.50

3.00

6.00

(ii) exceeds $25 but does not exceed $125, for every $25, and also for any fractional part of $25 thereof

0.50

3.00

6.00

(iii) exceeds $125 but does not exceed $250

5.00

30.00

60.00

(iv) exceeds $250 but does not exceed $350

7.00

40.00

80.00

(v) exceeds $350 but does not exceed $500

10.00

60.00

120.00

(vi) exceeds $500, for every $250 and also for any faction part of $250 thereof

5.00

30.00

60.00

(b)

Of any other kind not herein before described

10.00

Insurance

(a) Assignment of policy where there is no cash surrender Value the Stamp Duty is $1.00 (b) Assignment of policy where there is a cash Surrender Value, Stamp Duty will be at 2% of the cash surrender value. (c) Assignment of the policy for collateral security is $ 25.00 (d) Assignment (absolute assignment) policy to obtain a loan Stamp Duty @ $4.00 per thousand or $1.00 for every $2.00 or part thereof.

Releases

(a) Release of an insurance policy where a loan was obtained is 50 per thousand. (b) Release of an Insurance policy by way of collateral security $ 25.00 (c) A partial release of an insurance policy the fee is $25.00 (d) Life Insurance policy $1.00 per thousand of the sum assured (e) Release of a mortgage 25 for every $ 500.00 or part therefore or 50 per thousand.

Transfer of shares

(a) Private companies- $2.50 for every $500.00 or any fractional part. (in other words $5.00 per thousand) (b) On shares listed by self-regulatory organisation not sold or transferred in accordance with the rules of the self regulatory organistaion .. Five percent of the market value of the transaction.

Penalty

Penalty is chargeable when Stamp Duty is not paid within two (2) months from the Date of Execution.

Where Stamp Duty does not exceed $2.50, a penalty fee of $2.50 will be charged for each period that it is late.

A period is six (6) months or part of thereof. Where Stamp Duty exceed $2.50 but does not exceed $50.00, penalty will be 100% of Stamp Duty for each period that it is late.

Where Stamp Duty exceeds $50.00 a formula is used:-

Penalty

(x 50) + $ 50.00 20

Where x T

= =

Stamp Duty Amount of periods.

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