Tag: stamp duty
79% call for stamp duty increase in CNS straw poll
(CNS): The policy U-turn by Premier Juliana O’Connor-Connolly on a proposal to increase stamp duty in areas with a high concentration of luxury development, such as Seven Mile Beach, is not supported by the majority of CNS readers. According to the results of a straw poll posted here last week, 79% of those who took […]
Premier U-turns on luxury property duty increase
(CNS): Plans to increase stamp duty on luxury properties appear to have been dropped just a few weeks after it was suggested by Premier Julianna O’Connor-Connolly. The possibility of increasing stamp duty was raised in parliament in the UPM leader’s budget address in December, with the implication that the new government was considering raising the […]
Caymanians offered significant stamp duty waivers
(CNS): The Cayman Islands Government is rolling out a new stamp duty concessions package for Caymanians buying property, including second homes or a piece of land. Speaking in parliament last week, just moments before the resignation of his labour minister, who criticised the premier for what he said were his poor leadership skills, Wayne Panton […]
Is stamp duty paid on leases?
Why rent when it seems you have to pay for stamp duty on your lease agreement no matter the length of time on your lease? I’ve never paid this stamp duty but if it is the case, it makes more sense to buy. Can you confirm that lease agreements regardless of the length of time […]
Local first time buyers’ tax concession increased
(CNS): Concessions on stamp duty for Caymanians buying their first home or land to build on will be increased in the New Year, when the threshold before people pay the tax will be increased from $100,000 to $150,000 on land and from $300,000 to $400,000 on built property. Government said the increase was designed to help […]
Lawyer seeks details on officials dodging duty
(CNS): A local attorney on a mission to seek out and expose senior law enforcement officials who are not meeting their obligations under the law stepped up the pressure this week with a very specific request. Peter Polack has asked the Lands and Survey Department if Attorney General Samuel Bulgin, who owns a number of […]
Lands & Survey makes bid to collect missing duty
(CNS): Officials from the Lands and Survey Department are calling for people to pay duty on their leases. Information released under the FOI law last month in response to a request by local attorney Peter Polack revealed that the public purse was missing millions of dollars because many tenants of business or residential properties are […]
CIG missing $millions in rental stamp duty
(CNS): A memo that was written more than six years ago about government’s failure to collect stamp duty on residential leases suggests that the public purse is missing out on at least a million dollars every year in revenue that government experts said should not be very expensive to collect. Following a freedom of information […]
Ministry ‘challenged’ by stamp duty collection
(CNS): The planning ministry has admitted that it is struggling to collect stamp duty due on rental properties, describing enforcement as a “key issue”, and that most of the fees they collect come from lawyers acting on behalf of client companies who are under a fiduciary duty to comply with the law. Following concerns raised by […]
Lawyer queries Cayman’s stamp duty collection
(CNS): Questions have been asked as to how the Cayman Islands Government collects stamp duty on unregistered leases and whether some people, including civil servants, are getting away with not paying while others are being squeezed by ruthless landlords in the absence of protections and rights for local renters. Peter Polack has submitted a request […]
