{"kind":"expression","expression":{"expr_id":"252","doc_id":"252","label":"2019 Revision","is_as_enacted":"f","commenced_on":"2019-02-21","superseded_on":null,"valid_from":"2019-02-21","valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/1973\/5\", \"expression\": \"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21\", \"manifestation\": \"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21.pdf\"}, \"pdf\": {\"md5\": \"f0bab4ac83753df4736f05625ebca419\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1973\/1973-0005\/1973-0005_2019 Revision.pdf\", \"pages\": 36, \"filename\": \"1973-0005_2019 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 10224, \"paragraph_count\": 35, \"text_char_count\": 63596}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Stamp Duty Law (2019 Revision) 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. SCHEDULE Rates of Duty ENDNOTES Stamp Duty Law (2019 Revision) STAMP DUTY LAW (2019 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Law may be cited as the Stamp Duty Law (2019 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In this Law \u2014 \u201cadjudicator\u201d means the adjudicator of stamp duty appointed under section 8; \u201cbanker\u201d means a banker licensed as such under any law; \u201cCommissioner\u201d means the Commissioner for stamp duty collection appointed under section 4; \u201cconnected person\u201d includes \u2014 (a) in the case of an individual, a relative or a person with whom the individual contracts to provide building services to a third party on behalf of the individual; (b) if the person is a director or a shareholder of a company or partner of a firm, another director or shareholder of that company or another partner of that firm or a relative of any of them; (c) if the person is a beneficiary, member, trustee, director, officer or employee of any legal entity (other than a company, partnership or firm), another beneficiary, member, trustee, director, officer or employee of any Stamp Duty Law (2019 Revision) legal entity (other than a company, partnership or firm) or a relative of any of them; (d) if the person is a company \u2014 (i) companies and groups of companies who are connected in business; or (ii) companies and groups of companies who have the same or some of the same directors or shareholders or the same or some of the same persons connected with such directors or shareholders; (e) if the person is a partnership or firm \u2014 (i) a partnership or firm and groups of partnerships or firms who are connected in business; or (ii) partnerships or firms and groups of partnerships or firms who have the same or some of the same partners, or the same or some of the same persons connected with such partners; and (f) if the person is a legal entity other than a company, partnership or firm \u2014 (i) a legal entity and groups of legal entities who are connected in business; or (ii) legal entities and groups of legal entities who have the same or some of the same beneficiaries, members, trustees, directors, officers or employees or the same or some of the same persons connected with such beneficiaries, members, trustees, directors, officers or employees; \u201cconsideration\u201d has the same meaning as that ascribed to it under the heading \u201cConveyance or transfer\u201d in the Schedule; \u201cConveyance or transfer\u201d has the same meaning as that ascribed to it under that heading in the Schedule; \u201cdevelopment scheme\u201d means \u2014 (a) a scheme \u2014 (i) to develop land by a seller (\u201cthe developer\u201d) where bare land is sold by that developer to any person (\u201cthe buyer\u201d); and (ii) there is a building agreement or any other similar agreement between the developer and the buyer that the developer or a a connected person of the developer will develop that bare land into a house, strata condominium or other building for that buyer or a connected person of that buyer; or (b) a scheme where there is planning approval relating to land for the construction of buildings; Stamp Duty Law (2019 Revision) \u201cduty\u201d means any stamp duty chargeable under this Law; \u201celectronic record\u201d has the same meaning as given in section 2 of the Electronic Transactions Law (2003 Revision); \u201cexecuted\u201d and its cognates means, with reference to any instrument, that it is sealed or signed, or sealed and signed, in such manner as to render such instrument a lawful obligation by the person by, or on whose behalf, such instrument is so sealed, signed, or sealed and signed; \u201cexempted company\u201d has the meaning ascribed to it in the Companies Law (2018 Revision); \u201cinstrument\u201d includes every written document and electronic record; \u201clinked property transaction\u201d means \u2014 (a) there are more than one transaction relating to the conveyancing and transfer of immovable property; (b) the transactions are between the same buyer and seller (\u201cthe developer\u201d) or between their connected persons; (c) payment on each transaction can be made in one payment or divided into two or more payments; and (d) the transactions are part of a single arrangement or development scheme or part of a series of transactions; \u201cmaterial\u201d includes any material upon which words or figures can be expressed; \u201cMinister of Finance\u201d means the Minister charged with responsibility for finance under section 54 of Schedule 2 to the Cayman Islands Constitution Order 2009. \u201cplanning permission\u201d means permission granted under section 15 of the Development and Planning Law (2017 Revision); \u201cpremium\u201d in respect of an assignment means the amount howsoever paid to the assignor by the assignee for the benefit of the agreement (disregarding sums payable prior to the date of such assignment in accordance with such agreement or by way of reimbursement of such sums); \u201crecording\u201d and its cognates means recording under the Public Recorder Law (2010 Revision); \u201cregistering\u201d and its cognates has reference to registration under any requirement of any law whereby any instrument or event is required to be registered in any public office; \u201crelative\u201d in relation to a person, means a person\u2019s husband, wife, brother, sister, uncle, aunt, nephew, niece or other lineal ancestor or descendant, stepchild or adopted child; Stamp Duty Law (2019 Revision) \u201cstamp\u201d means a stamp authorised by the Governor under this Law or the Postal Law (1997 Revision) which is either \u2014 (a) a stamp impressed by means of a die; (b) an adhesive stamp; or (c) a stamp printed by a lawfully operated postal franking machine; and \u201cstamped\u201d, with reference to any instrument or material, has reference to any instrument or material upon which a stamp has been impressed, affixed or printed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Charge of stamp duty 3. (1) There shall be charged for the revenue of the Islands stamp duties upon the instruments specified in the Schedule at the rates therein prescribed. (2) Duties chargeable under subsection (1) shall, immediately upon coming due, be recoverable as civil debts at the suit of the Commissioner.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Commissioner 4. The Minister of Finance shall be ex officio Commissioner for the collection of stamp duty and has care and management of the collection of all stamp duty imposed by this or any other law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Commissioner may delegate 5. The Commissioner may, under his hand, authorise any officer of Government to perform all or any of his functions.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Information and records 6. (1) The Commissioner may, by notice, require any person to \u2014 (a) supply to him such information; and (b) produce to him such records, as may be specified in the notice, being information and records the supply and production of which the Commissioner considers necessary or desirable for the purpose of enabling him to carry out his functions. (2) A notice under subsection (1) shall require the information to be supplied and the records to be produced within such period as may be specified in the notice, being not less than thirty days from the date of the notice.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Inquiries 7. (1) The Commissioner may hold such inquiries as he considers necessary or desirable to enable him to carry out his functions. Stamp Duty Law (2019 Revision) (2) For the purposes of an inquiry under this section the Commissioner may by notice require any person \u2014 (a) to attend to give evidence on any of the matters specified in the notice at the time, day and place so specified; and (b) to produce all records in his possession or under his control which relate to any such matters. (3) For the purposes of an inquiry under this section \u2014 (a) subject to paragraph (b), the Commissioner may take evidence on oath and for that purpose administer oaths, or instead of administering an oath, may require the person examined to make and subscribe a declaration of the truth of the matter respecting which he is examined; and (b) no person shall be compelled to give any evidence which he could not be compelled to give in proceedings before the Grand Court. (4) The procedure at any such inquiry shall be determined by the Commissioner, but so that any person who has received a notice under subsection (2) requiring him to attend to give evidence, shall be entitled to representation by an attorney. (5) The costs, charges or expenses in relation to an inquiry under this section, incurred by the Commissioner or any other person, shall be borne and paid by such person and in such manner and proportion as the Commissioner shall direct. (6) For the purposes of this section and section 6 \u2014 (a) \u201crecords\u201d includes any document in whatever form it is held; and (b) where any such records are held in or kept by means of a computer, the powers of the Commissioner to require the supply of information, production of records and attendance to give evidence shall include powers \u2014 (i) to have access to, and inspect and check the operation of, any computer and associated apparatus or material which is or has been in use in connection with the records; (ii) to require any person having charge of, or otherwise concerned with the operation of, the computer, apparatus or material to afford to the Commissioner such assistance as he may reasonably require; and (iii) to require the records to be produced or copied in any form which he may reasonably request. Stamp Duty Law (2019 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Adjudicator 8. The Commissioner is the adjudicator of stamp duty.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Adjudication 9. The adjudicator shall, on payment in the prescribed manner of the prescribed fee adjudicate for stamp duty every instrument presented to him for that purpose within fifteen days of such presentation and, subject to the right of appeal of any person paying the duty as adjudicated, such adjudication shall be final and binding for all purposes of this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Appeal against adjudication 10. Any person who has paid an adjudicated stamp duty upon any instrument may, within thirty days of the adjudication, appeal there against to the Grand Court.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Manner of appeal 11. Every appeal under section 10 shall be commenced by notice of motion to the Grand Court with copy thereof to the Commissioner.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Effect of appeal 12. Upon an appeal brought under section 10, the Grand Court, after hearing the parties may \u2014 (a) uphold the adjudication; (b) order that duty be charged at a lower rate; (c) order that the instrument is not subject to duty; or (d) order that duty be charged at a higher rate, and in the event of the order of the Grand Court falling under paragraph (b), (c) or (d) the Grand Court shall cause the instrument to be endorsed with the substance and date of the order and the seal of the Grand Court and the Commissioner shall cause the instrument to be re-stamped or otherwise dealt with in accordance with the order, against appropriate adjustment made in the charge of duty to the appellant.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Costs 13. (1) Where the Grand Court makes an order under \u2014 (a) paragraph (a) of section 12, it shall award costs to the Commissioner for payment to the Treasury for the revenue; (b) paragraph (b) or (c) of section 12 it shall order costs to be paid out of the revenue by the Commissioner to the appellant; or (c) paragraph (d) of section 12 no costs shall be awarded. Stamp Duty Law (2019 Revision) (2) The scale of costs shall be as prescribed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Methods of stamping 14. (1) In addition to any other methods of stamping instruments which the Governor may from time to time prescribe, instruments or other documents may be stamped by affixing thereto adhesive stamps issued by the Governor to the Post Office for the purpose of the Postal Law (1997 Revision) or this Law of such designs and denominations as the Governor may from time to time prescribe or by means of postal franking machines approved for use under that law. (2) The Commissioner may collect in advance from any banker any duty payable upon cheques and may authorise the pre-stamping of forms of such cheques in blank for subsequent issue for use by the public. (3) Such blank forms shall be imprinted under the supervision of the Commissioner with a double black circle printed round with the words \u201cCayman Islands Stamp Duty Paid\u201d in such manner as to be readily and clearly apparent and to show the amount of duty paid.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Instruments to be separately charged with duty in certain cases 15. Except where express provision to the contrary is made in this or any other law, one instrument \u2014 (a) containing or relating to several distinct matters is to be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the matters; and (b) made for any consideration in respect whereof it is charged with ad valorem duty and also for any further or other valuable consideration or considerations, is to be separately and distinctly charged, as if it were a separate instrument, with duty in respect of each of the considerations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Facts and circumstances affecting duty to be set forth in instruments 16. All facts and circumstances affecting the liability of an instrument to duty or the amount of the duty with which any instrument is chargeable, are to be fully and truly set forth in the instrument.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Mode of calculating ad valorem duty in certain cases 17. (1) Where an instrument is chargeable with ad valorem duty in respect of any non-Caymanian currency, the duty shall be calculated on the day of the date of the execution of the instrument according to the average current rate of exchange on that day. Stamp Duty Law (2019 Revision) (2) Where an instrument contains a statement of current rate of exchange and is stamped in accordance with that statement, it is, so far as the subject matter of the statement, to be deemed to be duly stamped, unless or until it is shown that the statement is untrue and that the instrument is insufficiently stamped.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Cancellation of adhesive stamps 18. Where adhesive stamps are used to stamp any instrument the person whose duty it is to stamp the same shall, immediately after affixing such stamps, cancel each one by writing across it his name or initials or the name or initials of his firm together with the true date of his so writing, or otherwise so effectively cancel such stamp or stamps as to render them incapable of being used for any other purpose.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Denoting payment of duty 19. Where the duty with which an instrument is chargeable depends in any manner upon the duty paid upon another instrument, the fact of the payment of the last mentioned duty shall, upon application to the Commissioner and production to him of both instruments, be denoted by the Commissioner by endorsement under his hand upon the first instrument in such manner as he thinks fit.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Time for stamping of instruments 20. (1) Subject to this section, an instrument which is required to be stamped shall be stamped at the time of its execution. (2) An instrument chargeable with ad valorem duty which is not referred to elsewhere in this section shall be stamped or presented for adjudication at any time before the end of the period of forty-five days beginning with the day on which \u2014 (a) it is first signed or, if first signed outside the Islands, it has first been received in the Islands following that signing; or (b) if held in escrow following that signing or receipt, the last condition is fulfilled in respect of which the instrument was so held. (3) In respect of any conveyance or transfer of land, strata title or interest therein the transferee shall ensure that the relevant instrument shall \u2014 (a) upon conveyance or transfer be duly and fully completed in accordance with its terms and, in the case of a transfer prepared pursuant to the Registered Land Rules (2018 Revision), signed by the transferor and the transferee and certified as provided by the Registered Land Rules (2018 Revision); and (b) cause the same to be stamped or presented for adjudication, in the case of a transfer prepared pursuant to the Registered Land Rules (2018 Revision), at any time before the end of the period of forty-five days of Stamp Duty Law (2019 Revision) its signature by the transferor, and in all other cases within forty five days of the disposition or first disposition of the land, strata title or interest effected by or under that instrument. (4) An instrument chargeable with ad valorem duty which provides for the assignment of any right or interest in relation to the purchase of, or of an interest in, any land or strata title, shall be stamped or presented for adjudication by the assignee at any time before the end of the period of fortyfive days beginning with the day on which the instrument was signed by the assignor. (5) An agreement or memorandum of agreement in respect of which the purchaser has elected to pay ad valorem duty shall be stamped or presented for adjudication before the end of the period of forty-five days beginning with the first day on which any obligation under the agreement or memorandum of agreement was discharged. (6) The Commissioner may, at any time \u2014 (a) waive, refund or abate the whole or part of the duty payable; or (b) extend any time period provided for under this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Stamping after adjudication 21. All unstamped or partly stamped instruments presented for adjudication shall, within seven days of adjudication, be stamped or stamped up to the extent of the amount adjudicated and with stamps to cover the adjudication fee and, until so stamped, shall remain in the custody of the adjudicator who shall give facilities to the owner for the stamping thereof while in such custody, and shall give notice to the owner or his agents in any reasonable manner the owner or his agent may stipulate, of the completion of the adjudication.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Interest to be charged upon instruments remaining unstamped 22. In addition to any penalty imposed by this Law for late stamping or non-stamping of any instrument which is required to be stamped, there shall be charged interest at ten per cent per annum for the first month or part of a month and thereafter at the rate of twenty per cent per annum upon the total amount of the duty so remaining unpaid: Provided that the Commissioner may, at his discretion, for good cause, waive payment of the whole or any part of such interest. Stamp Duty Law (2019 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Unstamped instruments as evidence 23. Subject to the Evidence Law (2019 Revision), no instrument shall be rejected as evidence in any court or legal tribunal by reason only that it is unstamped or insufficiently stamped for the purpose of this Law, provided, in any civil case, the person pro-pounding the instrument shall be required to stamp or stamp-up the instrument \u2014 (a) if the deficiency of duty paid is in respect of ad valorem duty, with twice the amount of the deficiency; or (b) in any other case, with twenty times the amount of the deficiency, and, in any criminal case, the instrument shall be impounded and, at the termination of the case, sent to the Commissioner for such action as he may deem fit.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Records, etc., to be open to inspection 24. (1) Every public officer having in his custody any records, books, papers or proceedings, the inspection of which may lead to the discovery of evasion or omission of payment of stamp duty required by this or any other law to be paid, shall, at all reasonable times, permit the Commissioner to inspect and take copies of such records, books, papers or proceedings. (2) Every public officer who receives or has in his control any instrument which he has reason to believe is chargeable with duty under this Law is either unstamped or under-stamped shall impound the same and forward it to the Commissioner who shall adjudicate the same and thereafter deal with it according to this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Allowance for spoiled, etc., stamps 25. The Commissioner may, in proper cases, and subject to such terms, including the making by any person of a declaration on oath or affirmation, make refund to any person in respect of stamps which have inadvertently been spoiled, obliterated or otherwise rendered unfit for the purpose for which they were issued under this Law or in any other case in respect of which he considers in his discretion it is just to make such a refund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Regulations 26. The Governor may make regulations prescribing \u2014 (a) types of stamps for issue to the public for use under this Law; (b) stamp embossing machines and the use thereof; and (c) anything necessary to be prescribed for the implementation of this Law. Stamp Duty Law (2019 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Power to vary Schedule 27. (1) The Governor may, where it is necessary so to do, by regulations, delete from, add to or vary the Schedule. (2) Regulations made under this section are subject to negative resolution of the Legislative Assembly.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Rules of court and costs 28. The Chief Justice may make rules for the conduct of appeals under this Law and for the scale of costs to be charged for the purpose of section 13.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Offences 29. (1) A person who \u2014 (a) with intent to defraud, fails to issue a receipt in respect of money paid to him or fails to stamp any instrument upon which duty is payable under this Law, it being his duty so to do; (b) with intent to defraud, presents or causes to be presented for recording or registration any instrument upon which duty is payable which has not been duly stamped; (c) with intent to defraud, contravenes section 15, 16, 18, 20, 21 or 24; (d) without authorisation, deals in any stamps issued for the purpose of compliance with this Law; (e) being entrusted with any money for the purpose of stamping any instrument in compliance with this Law, fails to apply such money to such purpose; (f) forges any stamp or die provided for the purposes of this Law; (g) makes any false statement or declaration for the purpose of avoiding or mitigating any charge to duty payable under this Law or withholds any information which, under this Law, he has a duty to disclose with regard to the true consideration for or any other matter affecting the stamping of any instrument upon which duty is payable; (h) being a public officer, knowingly records or registers any instrument upon which duty is payable, which has not been duly stamped; (i) fails without reasonable excuse to comply with a notice under section 6(1) or, in purported compliance with such a notice knowingly or recklessly supplies information or produces a record which is false or misleading in a material respect; (j) refuses without reasonable excuse to attend in compliance with a notice under section 7(2), or to give evidence as required by such a notice, or Stamp Duty Law (2019 Revision) knowingly alters, suppresses, conceals, destroys or refuses to produce any record which he may be required to produce for the purposes of that section; (k) fails to comply with section 20(3) or (4); or (l) knowingly fails to comply with any other requirement contained in this Law, commits an offence in addition to any other offence he may hereby have committed under any other law. (2) An offence shall be deemed to have been committed on the day when it shall first come to the knowledge of the Commissioner.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Penalties 30. (1) A person who commits an offence under section 29(1) or attempts to commit or aids or abets any other person to commit such an offence is liable on summary conviction to a fine of five hundred thousand dollars and to imprisonment for five years. (2) The Governor may, in his discretion, reward any person who informs him of any offence or assists in the recovery of any duty under this Law. (3) Where an offence under section 29 (1) has been committed by a body corporate and is proved to have been committed with the consent or connivance of, or to be attributed to any neglect on the part of, any director, member, secretary or other similar officer of that body, or any person who was purporting to act in that capacity, he as well as the body corporate shall be deemed to have committed that offence and shall be liable to be proceeded against and punished accordingly.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Attorneys, etc., who wilfully contravene Law may be specially dealt with 31. (1) If any person of a description referred to in subsection (2) is convicted of an offence under section 29(1), the Governor may, in addition to any other penalty imposed by a court in respect of that conviction, suspend or terminate that person\u2019s licence or authorisation to practise or carry on business, or suspend or remove that person from his office, for such time and on such conditions as the Governor may determine. (2) The descriptions of person referred to in subsection (1) are any \u2014 (a) attorney-at-law; (b) bank or trust company; (c) officer or other employee of a bank or trust company; (d) accountant; Stamp Duty Law (2019 Revision) (e) agent; or (f) broker or estate agent, licensed or authorised to practise or carry on business or employment as such in the Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Waiver of fees: Cayman Brac, Little Cayman 32. The Governor may, from time to time, waive or reduce any or all of the fees specified under the following headings in the Schedule in relation to any person or group of persons in Cayman Brac or Little Cayman \u2014 Agreement or Memorandum of Agreement-(a)(i); Assignment-(b) and (c); Attorney, Power of; Deed; Mortgage-(a), (b), (c), (d) and (e); and Withdrawal of Caution.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Electronic records 33. (1) Where an instrument which is liable to duty under this Law is in the form of an electronic record, a printed copy of the instrument shall be prepared and stamped in all respects in accordance with this Law. (2) Until a printed copy of an instrument in the form of an electronic record has been stamped in accordance with subsection (1), the instrument shall be unstamped for the purposes of this Law.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Transitional provisions 34. The provisions of the Stamp Duty (Amendment) Law, 2018 [Law 43 of 2018] shall not apply \u2014 (a) in relation to a linked property transaction where the development scheme has obtained planning permission not later than the 30th day of June, 2019 and the relevant agreement for sale or the conveyance are executed not later than the 31st day of December, 2019; (b) in relation to any other type of land transaction not specified in paragraph (a) which is executed before the 1st day of January, 2019; and (c) in relation to any request for a concession, waiver, refund, abatement or any other type of request which can be made under the principal Law and which is made before the 1st day of January, 2019. Stamp Duty Law (2019 Revision) SCHEDULE SCHEDULE section 3(1) Rates of Duty ADJUDICATION of an instrument \u2014 1% of the sum adjudicated with a minimum of $1 and a maximum of $1,000. ADMINISTRATION (see Probate) AGREEMENT OR MEMORANDUM OF AGREEMENT (1) Agreement or memorandum of agreement for the purchase of any land or strata title (or interest in any land or strata title) \u2014 (a) under which no right to possession is conferred or derived \u2014 (i) $100; or (ii) the same duty as on a conveyance or transfer of the land, strata title or interest executed in conformity with the agreement, at the option of the purchaser; and (b) under which a right to possession is conferred or derived, the same duty as on a conveyance or transfer of the land, strata title or interest executed in conformity with the agreement. (2) Where ad valorem is paid under paragraph (1) and, subsequent to the agreement or memorandum of agreement, a conveyance or transfer is executed which \u2014 (a) is in conformity with the agreement; or (b) is in conformity with the agreement except for minor discrepancies, due to survey or otherwise, in the description of the property concerned, the duty which would otherwise be charged on the subsequent conveyance or transfer shall be reduced or extinguished by the deduction therefrom of the duty paid on the agreement or memorandum of agreement. (3) For the purposes of this head of duty, an agreement or memorandum of agreement for the sale or purchase of any land or strata title (or interest in any land or strata title) shall be deemed to confer, or permit the derivation of, a right of possession unless the agreement or memorandum of agreement expressly prevents such a right from being conferred or derived. (4) In this Law \u2014 SCHEDULE Stamp Duty Law (2019 Revision) \u201cpossession\u201d includes the collection of rents. (5) Where an agreement or memorandum of agreement is under hand or where no other duty is specified under this head or any other head of charge $2 AIR WAYBILL for goods exported (including a COURIER AIRWAYBILL): $2 APPOINTMENT, POWER OF, exercised by any instrument other than a will where no other duty is specified under any other head of charge: $6 (see also Conveyance) ASSENT to the vesting of land by personal representatives: Nil. ASSIGNMENT (1) Assignment of any rights under an Agreement or Memorandum of Agreement relating to the purchase of any land or strata title (or an interest in any land or strata title) \u2014 (a) where there is no premium for the assignment and no right to possession is conferred or derived under the assignment \u2014 (i) $200; or (ii) the same duty as on a conveyance or transfer, executed in conformity with the assignment, of the land, strata title or interest concerned, at the option of the assignee; (b) where there is a premium for the assignment and no right to possession is conferred or derived under the assignment \u2014 (i) $200; or (ii) the same duty as on a conveyance or transfer, executed in conformity with the assignment, of the land, strata title or interest concerned, at the option of the assignee; and (c) where a right to possession is conferred or derived under the assignment, the same duty as on a conveyance or transfer, executed in conformity with the assignment, of the land, strata title or interest concerned. (2) Where ad valorem duty is paid on the market value of the property or the value of the premium under paragraph (1) and a subsequent conveyance or transfer is executed which \u2014 Stamp Duty Law (2019 Revision) SCHEDULE (a) is in conformity with the assignment; or (b) is in conformity with the assignment except for minor discrepancies, due to survey or otherwise, in the description of the property concerned, the duty which would otherwise be charged on the subsequent conveyance or transfer shall be reduced or extinguished by the deduction therefrom of the duty paid on the assignment. (3) For the purpose of this head of duty, an assignment of any land or strata title (or interest in any land or strata title) shall be deemed to confer or permit the derivation of a right of possession unless the assignment expressly or effectually prevents such a right from being conferred or derived. (4) Assignment of a debt, policy of life assurance or, subject to paragraph (5), any other thing in action where no duty is payable under any other head or charge except shares, interests in trust funds, interests in partnerships, warrants or options or other rights to acquire shares, interests in trust funds or in partnerships \u2014 $100 (5) Assignment of any rights under an agreement or memorandum of agreement for or in relation to the purchase of or an interest in any land, strata title or other immovable property where there is no consideration \u2014 $200 ATTORNEY, POWER OF, including a letter of attorney where no other duty is specified under any other head of charge \u2014 $50 (see also Conveyance, Mortgage). BILLS OF EXCHANGE (a) cheques 25 cents (b) drafts, orders, acceptances. letters of credit, promissory notes or I.O.U.\u2019s for payment to the bearer or to order, of any sum of money- not exceeding $100 25 cents for every extra $100 or part thereof 25 cents up to a maximum of $250 (c) where any of the instruments specified in paragraphs (a) and (b) of this head are issued as part of a series of instruments hereinafter called an \u201cissue\u201d) ranking equally amongst themselves, such instruments, and any global instrument relating thereto, whether secured or unsecured and any SCHEDULE Stamp Duty Law (2019 Revision) assignment or transfer thereof, shall not be subject to duty under this Law if the issuer is an exempted company or an ordinary non-resident company (as defined in the Companies Law (2018 Revision)) or a body corporate incorporated outside the Islands and has paid a duty of five hundred dollars in respect of such issue and the issue is not secured by immovable properly situated in the Islands. BILL OF LADING for goods exported: $2 BILL OF SALE (see Mortgage) CERTIFICATIONS given under the hand of the Governor or any other public officer not holding a post in the judicature verifying or confirming the authenticity, or correctness or accuracy of any duplicate or copy, of any instrument which certifications are not otherwise chargeable to duty or attract any official fee or payment under this or any other law: $2 CHARGE (see Mortgage) CHEQUE (see Bill of Exchange) CHARTER-PARTY: $10 For the purposes of this charge, the expression \u201ccharter party\u201d means any agreement or contract for the charter of any ship, vessel, hovercraft or aircraft or any memorandum, letter or other writing between the captain, master or owner of any ship, vessel, hovercraft or aircraft, and any other person for or relating to the freight or conveyance of any money, goods or effects on board thereof. CONVEYANCE OR TRANSFER of any immovable property \u2014 (1) The charge to duty on a conveyance or transfer of immovable property in the registration sections, blocks and parcels included in the following Table is 7.5% of the consideration: Registration Block West Bay 5C (parcels with water frontage only, but including any parcel subsequently derived from another parcel with water frontage existing at the 1st July, 2006), 5D, 10A, 10E, 11B, 11C, 11D, 12C (parcels with water frontage only, but including any parcel subsequently derived from another parcel with water frontage existing at the Stamp Duty Law (2019 Revision) SCHEDULE 1st July, 2006), 12D, 12E, 17A. George Town 13B, 13C, 13E, 13EH (parcels with road frontage on West Bay Road, Eastern Avenue and North Church Street), 13D (parcels with road frontage on Eastern Avenue), 14BG, 14BH, 14BJ, 14CJ, OPY, 18A. (2) The charge to duty on a conveyance or transfer of immovable property not referred to in the Table to paragraph (1) is 7.5%. (3) For the purpose of this head of duty, the consideration shall be deemed to be the consideration recited in the instrument effecting the conveyance or transfer or the market value of the property conveyed or transferred, whichever is the higher, irrespective of any mortgage, charge, lien or other encumbrance to which it is subject, or of the actual form the consideration may take, the period, if any, over which the consideration is payable, whether or not the property conveyed or transferred is contained in one or more parcels or lots and whether or not the property is conveyed or transferred by one or more instruments, provided that in the case of the use of more than one instrument in respect of any one or more of the same parcels one such instrument shall be declared to be the principal instrument and shall recite the value of the property as hereby defined and shall bear the whole of the ad valorem duty subject to this charge, but so that where the parties desire to convey or transfer different parcels by different instruments, the ad valorem duty charged may be apportioned among such instruments: Provided that where the Commissioner is satisfied that there is a conveyance or transfer to or from a land holding corporation (as defined in the Land Holding Companies Share Transfer Tax Law (2016 Revision)) and the conveyance or transfer is, as the case may be, from or to a person or persons who in aggregate are the legal and beneficial owners of not less than forty-five per cent of the shares in the corporation then he may, in his absolute discretion, abate this charge to duty by such percentage, not being a percentage greater than such person\u2019s or persons\u2019 percentage holding in the corporation, as he shall think fit. (4) For the purposes of paragraph (3), the market value of any property is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm\u2019s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. (5) For the purpose of this charge to duty the expression \u201cconveyance or transfer\u201d includes every instrument pursuant to which any land, strata title or SCHEDULE Stamp Duty Law (2019 Revision) interest therein is transferred to, acquired or enjoyed by another which shall include the right to occupy the same or enjoy the rents and profits thereof, and includes any grant, bargain, assignment, release, foreclosure or disclaimer howsoever described but shall not include any instrument conferring or vesting such rights in a receiver or any lease or licence or agreement for a lease or licence. (6) An instrument whereby an interest in land or strata title is conveyed or transferred to any person in contemplation of a sale of that interest shall be treated for the purposes of this Law as a conveyance or transfer on sale of that land or strata title for a consideration equal to the value contemplated in respect of that sale. (7) A power or letter of attorney with respect to any immovable property given for consideration, or declared to be irrevocable, is chargeable to duty as a conveyance on sale. The exercise of a power of appointment to any interest in immovable property if exercised otherwise than by will is chargeable to duty as a conveyance on sale. (8) For the removal of doubt it is declared that a sale in exercise of the power of sale of a mortgagee of immovable property is chargeable as a conveyance on sale of the whole of the immovable property subject to the mortgage: Provided that no duty shall be payable under this head where the immovable property is situated outside the Islands. (9) There is a charge to duty in the sum of fifty dollars in the case of \u2014 (a) a conveyance or transfer expressed to be for natural love and affection between a parent and a child or between spouses; or (b) a conveyance or transfer expressed to be for natural love and affection between children born of the same parent, or between a grandparent and a grandchild, where it has been certified by the Commissioner to be a conveyance or transfer in respect of which he is satisfied that the provisions of this paragraph may properly apply. (10) Notwithstanding paragraph (2) where land (other than land included in the Table to paragraph (1)) is transferred to a person who is a Caymanian as a result of the purchase of that land by that person for the purpose of that person\u2019s first immovable property \u2014 (a) there is no charge to duty on the instrument effecting such transfer if \u2014 (i) in the case of land with a building, the consideration is $400,000 or less; or Stamp Duty Law (2019 Revision) SCHEDULE (ii) in the case of land without a building, the consideration is $150,000 or less; and (b) duty at the rate of 2% of the consideration is chargeable on the instrument if \u2014 (i) in the case of land with a building, the consideration exceeds $400,000 but does not exceed $500,000; or (ii) in the case of land without a building, the consideration exceeds $150,000 but does not exceed $200,000; and (c) duty at the rate of 7.5% of the consideration is chargeable on the instrument if \u2014 (i) in the case of land with a building, the consideration exceeds $500,000; or (ii) in the case of land without a building, the consideration exceeds $200,000. (11) Notwithstanding paragraph (2) where land (other than land included in the Table to paragraph (1)) is transferred to two or not more than ten persons who are Caymanian as a result of a purchase of that land by those persons where that land is the first immovable property of each of those persons \u2014 (a) there is no charge to duty on the instrument effecting such transfer if \u2014 (i) in the case of land with a building, the consideration is $500,000 or less; or (ii) in the case of land without a building, the consideration is $300,000 or less; and (b) duty at the rate of 2% of the consideration is chargeable on the instrument if \u2014 (i) in the case of land with a building, the consideration exceeds $500,000 but does not exceed $600,000; or (ii) in the case of land without a building, the consideration exceeds $300,000 but does not exceed $350,000; and (c) duty at the rate of 7.5% of the consideration is chargeable on the instrument if \u2014 (i) in the case of land with a building, the consideration exceeds $600,000; or (ii) in the case of land without a building, the consideration exceeds $350,000. (12) The exemption afforded by this head of duty relates only to property which a Caymanian is purchasing for the first time in the Islands; and where the SCHEDULE Stamp Duty Law (2019 Revision) Caymanian had purchased other property in the Islands but was not a Caymanian at the date of purchase, the exemption under this head of duty shall not apply. (13) A grant of concession afforded by this head of duty shall be subject to such conditions as the Minister of Finance may think fit to impose in order to prevent exploitation of those provisions by persons who are not bona fide first time property purchasers. (14) For the purposes of this head of duty, \u201cCaymanian\u201d has the meaning assigned to it in the Immigration Law (2015 Revision). CONVEYANCE OR TRANSFER of any immovable property within a development scheme and forming part of a linked property transaction \u2014 (1) The charge to duty on a conveyance or transfer of immovable property which is part of a linked property transaction is, where the total value of the linked property transaction is $300,000 or less, 3% of the total value of the linked property transaction. (2) The charge to duty on a conveyance or transfer of immovable property which is part of a linked property transaction is, where the total value of the linked property transaction is more than $300,000, 7.5 % of the total value of the linked property transaction. (3) The charge to duty on an agreement to convey or transfer bare land in the first part of a linked property transaction is, where the total value of the linked property transaction is more than $300,000, 3.75% of the total value of the linked property transaction, payable within 45 days of the date the agreement is first signed by the buyer. (4) The charge to duty on a conveyance or transfer of immovable property in the second part of a linked property transaction is, where the total value of the linked property transaction is more than $300,000, 3.75% of the total value of the linked property transaction, payable within 45 days of the date the conveyance or transfer is first signed by the buyer. (5) For the purposes of this paragraph, under a building agreement or such other type of agreement, in calculating the value of immovable property, the value shall include any fixtures on the developed land which is specified in any such agreement in relation to that land such as tiles, plumbing and air condition units or other similar fixtures. DEED of any kind whatsoever, not described in this Schedule: $50 EXCHANGE (see Conveyance) HYPOTHECATION (see Mortgage) Stamp Duty Law (2019 Revision) SCHEDULE INSURANCE ( see Policy of Insurance) LEASE OR AGREEMENT FOR A LEASE OF IMMOVABLE PROPERTY OR ANY INTEREST THEREIN \u2014 (a) where the term exceeds thirty years \u2014 the same duty as on a conveyance on sale upon the full value of the property or interest therein; (b) where any premium or other valuable consideration other than or in addition to rent is provided in the instrument and the term is thirty years or less \u2014 the same duty as on a conveyance on sale upon the premium or other consideration; (c) where the consideration or any part of the consideration is rent and the term is thirty years or less \u2014 (i) if the term does not exceed five years, a duty equal to 5% of the average annual rent: Provided that if the term is for less than one year, then the duty shall be equal to 5% of the aggregate rent to be paid; (ii) if the term exceeds five years but does not exceed ten years, a duty equal to 10% of the average annual rent; or (iii) if the term exceeds ten years, a duty equal to 20% of the average annual rent. For the purpose of paragraph (c), the average rent shall, for the purpose of calculating duty, if a rent at other than market value is provided in the instrument of lease, be declared at the market value having regard to any premium charged. For the purpose of this head of duty, the market value of rent is the estimated amount for which the property should let on the date of valuation between a willing lessor and a willing lessee on appropriate lease terms in an arm\u2019s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion. In calculating the length of a term for the purpose of this head of duty, the term shall be deemed to cover any period by which, by the exercise of an option or other arrangement or device, the lessee or his assigns may have power to extend the said term. Where in any term a possible increase of future rent is left to be settled by any agreement with or without arbitration, the instrument of lease shall, when such increase of rent has SCHEDULE Stamp Duty Law (2019 Revision) been ascertained be stamped up with the balance of duty which would have been payable had the actual average rent for the whole of the term been ascertainable at the commencement thereof; but until such increase has been ascertained the average annual rent shall be calculated without allowance for such increase: Provided that, in any case where it is apparent that such possible increase of future rent cannot be less than a certain amount, then without prejudice to the obligation to stamp up the instrument of lease with the balance of duty after the average annual future rent has been ascertained, such minimum future rent shall be included in the calculation of the actual average rent for the whole of the term when duty is first calculated on the instrument of lease. Provided further that no duty shall be payable under this head where the immovable property or the interest therein is situated outside the Islands. MORTGAGE, being a security by way of a mortgage for the payment of any definite sum of money advanced or lent at the time or previously due and owing, or forborne to be paid, being payable or for the repayment of money to be thereafter lent, advanced or paid or which may become due upon a current account, together with any sum already advanced or due or without, as the case may be, howsoever the instrument creating the same may be described \u2014 (a) being a debenture or a legal or equitable mortgage or charge of immovable property \u2014 (i) where the sum secured is $300,000 or less-1% of the sum secured; or (ii) where the sum secured is more than $300,000 whether initially or after further advance-1.5% of the sum secured: (b) being a legal or equitable mortgage or charge of movable property of movable property (not including a debenture but including a bill of sale)- 1.5% of the sum secured; Provided that \u2014 (i) no duty shall be payable under subparagraphs (a) and (b) where the property is situated outside the Islands; and (ii) in the case of a legal or equitable mortgage or charge granted by an exempted company, an ordinary non-resident company (as defined in the Companies Law (2018 Revision)) an exempted trust (as Stamp Duty Law (2019 Revision) SCHEDULE defined in the Trusts Law (2018 Revision)) or a body corporate incorporated outside the Islands of moveable property situated in the Islands or over shares in such exempted company or an ordinary non-resident company, the maximum duty payable shall be five hundred dollars; and (c) being a collateral, auxiliary, additional or substituted security by way of further assurance where the principal or primary security under paragraph (a) has been duly stamped- $50 (d) being a Release of Mortgage of immovable property whether by way of transfer, surrender, discharge or other instrument howsoever called\u2014$50 Where the amount of money to be advanced on the security of any property by way of mortgage is unlimited, the security is to be available for such an amount as the ad valorem duty paid thereon extends to cover, and if any advance is made in excess of the amount covered by that duty, the security shall, for the purpose of stamp duty, be deemed to be a new and separate instrument bearing the date on which the additional advance is made, but the original instrument may be stamped-up with the additional ad valorem duty required to cover the total amount then to be secured and in that case the date of such stamping-up shall be recorded accordingly. These same provisions for stamping-up shall apply in the same manner to any variation of a mortgage securing a fixed amount of money. PARTNERSHIP on every deed or agreement of partnership $50 on every rectification of a deed or agreement of partnership $20 PLEDGE (see Mortgage) POLICY OF INSURANCE other than life insurance and property insurance $12 for each new or Renewed policy of insurance other than life insurance For the purposes of this charge to duty, \u201cpolicy of insurance\u201d includes every writing whereby any contract of insurance is made or agreed to be made. POLICY OF LIFE ASSURANCE (1) For the purposes of his charge to duty, \u201cpolicy of life insurance\u201d means a policy of insurance upon a life or lives but does not include a policy of SCHEDULE Stamp Duty Law (2019 Revision) insurance for a payment agreed to be made on the death of a person only from accident or violence or otherwise than from a natural cause. (2) Where the sum insured under a policy of life insurance \u2014 (a) does not exceed $1,000, there shall be charged duty on the policy of $25; (b) exceeds $1,000, there shall be charged duty on the policy of whichever is the greater of $25 or 0.01% up to a maximum of $200 upon the amount insured calculated without bonus. (3) Where a policy of life insurance is certified as being issued by an exempted company which only undertakes business of a class which requires the company to hold an unrestricted Class \u201cB\u201d Insurer\u2019s licence granted under the Insurance Law, 2010 [Law 32 of 2010] and issued by a company, the maximum duty payable on that policy shall be $100. POLICY OF PROPERTY INSURANCE 2% of the cost of new or renewed property insurance premiums For the purposes of this charge to duty \u2014 (a) \u201cPolicy of property insurance\u201d includes every writing whereby any contract of property insurance is made or agreed to be made; and (b) \u201cproperty\u201d means immovable property in the Islands. POWER OF APPOINTMENT (see Appointment) POWER OF ATTORNEY (see Attorney) PROBATE AND ADMINISTRATION on every grant of Probate or Letters of Administration $10 on every oath or affirmation of an executor, administrator or attesting witness $1.50 on every inventory and affidavit 50 cents PROMISSORY NOTE (see Bill of Exchange) RECEIPTS Bank receipts for withdrawal from funds on deposit 25 cents Stamp Duty Law (2019 Revision) SCHEDULE RELEASE OR RENUNCIATION of any property (not otherwise provided for) $6 (see also Conveyance and Mortgage) REPORTS BY SHIPS inwards and outwards under the Customs Law (2017 Revision) $2 SETTLEMENT or declaration of trust of or concerning any property by any writing (not being a will, or an instrument chargeable with ad valorem duty) $40 TRANSFER (see Conveyance) ATTESTED COPIES, CERTIFIED COPIES, COUNTERPARTS AND DUPLICATES used for the purpose of proving any original instrument stamped under this Law (counterparts and duplicates require also to be denoted under section 17) $2 WITHDRAWAL OF CAUTION $50 Publication in consolidated and revised form authorised by the Governor in Cabinet this 12th day of February, 2019. Kim Bullings Clerk of Cabinet Stamp Duty Law (2019 Revision) ENDNOTES ENDNOTES Table of Legislation History: SL # Law # Legislation Commencement Gazette 43\/2018 Stamp Duty (Amendment) Law, 2018 19-Dec-18 GE97\/2018\/s17 Stamp Duty Law (2013 Revision) 21-Oct-13 G21\/2013\/s13 33\/2012 Stamp Duty (Amendment) Law, 2012 11-Dec-12 GE123\/2012\/s6 Stamp Duty Law (2011 Revision) 21-Nov-11 G24\/2011\/s11 52\/2009 Stamp Duty Regulations, 2009 31-Dec-09 GE93\/2009\/s1 22\/2009 Stamp Duty (Amendment) Law, 2009 6-Nov-09 G1\/2010\/s4 26\/2009 Cayman Islands Proclamation 4 of 2009 - Commencement of CI Constitution Order, 2009 23-Oct-09 GE69\/2009\/p7 11\/2009 Stamp Duty (Amendment) (Temporary Provisions) Law, 2009 1-Apr-09 GE21\/2009\/s2 E3\/2011 Erratum: The Stamp Duty Law (2010 Revision) 22-Nov-10 G3\/2011\/p308 Stamp Duty Law (2010 Revision) 22-Nov-10 G24\/2010\/s10 32\/2003 Stamp Duty Regulations (No. 2), 2003 13-Nov-03 G25\/2003\/s5 Stamp Duty Law (2007 Revision) 20-Aug-07 G17\/2007\/s7 30\/2006 Stamp Duty (Rates of Duty) (No.2) Regulations, 2006 29-Dec-06 GE28\/2006\/s1 31\/2006 Stamp Duty Order, 2006 18-Sep-06 G19\/2006\/s1 29\/2006 Stamp Duty (Rates of Duty) Regulations, 2006 1-Jul-06 GE13\/2006\/s1 33\/2003 Stamp Duty Regulations, 2003 13-May-03 GE20\/2003\/s3 Stamp Duty Law (2005 Revision) 5-Sep-05 G18\/2005\/s5 28\/2004 Stamp Duty Regulations, 2004 13-Nov-03 G18\/2004\/s4 Stamp Duty Law (2003 Revision) 28-Jul-03 G15\/2003\/s11 21\/2002 Stamp Duty (Amendment) Law, 2002 28-Jan-03 GE5\/2003\/s3 37\/2001 Stamp Duty (Amendment) (No.3) Law, 2001 8-Jan-02 GE3\/2002\/s3 32\/2001 Stamp Duty (Amendment) (Temporary Provisions) Law, 2001 14-Nov-01 GE28\/2001\/s3 24\/2001 Stamp Duty (Amendment) (No.2) Law, 2001 12-Dec-01 GE30\/2001\/s3 13\/2001 Stamp Duty (Amendment) Law, 2001 1-Jun-01 GE11\/2000\/s17 Stamp Duty Law (2001 Revision) 26-Feb-01 G5\/2001\/s10 7\/2000 Electronic Transactions Law, 2000 11-Sep-00 G19\/2001\/s2 22\/1999 Stamp Duty (Amendment) (Insurance Policies) Law, 10-Apr-00 G8\/2000\/s3 ENDNOTES Stamp Duty Law (2019 Revision) SL # Law # Legislation Commencement Gazette 12\/1998 Stamp Duty (Amendment) (Agreements & Assignments) Law, 1998 Stamp Duty Law (1998 Revision) 2-Mar-98 G5\/1998\/s7 13\/1997 Stamp Duty (Amendment) Law, 1997 G19\/1997\/s11 4\/1997 Miscellaneous Provisions (Fees & Duties) (Temporary) Law, 1997 22-Apr-97 GE4\/1997\/s2 Stamp Duty Law (1995 Revision) 29-May-95 G11\/1995\/s4 34\/1993 Stamp Duty (Amendment) Law, 1993 GEDec14\/1993\/s11 11\/1990 Stamp Duty (Amendment) Law, 1990 7\/1990 Miscellaneous Duties & Fees Law, 1990 17\/1985 Stamp Duty (Amendment) Law, 1985 G14\/1985\/s9 21\/1984 Stamp Duty (Amendment) Law, 1984 G22\/1984\/s4 21\/1977 Stamp Duty (Amendment) Law, 1977 G24\/1977\/s4 5\/1973 Stamp Duty Law, 1973 G5\/1973\/s7 (Price: $6.40)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": 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{\"FRBRuri\": \"\/akn\/ky\/act\/1973\/5\", \"FRBRdate\": [{\"date\": \"2019-02-21\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1973\/5\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"1973-0005\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"5 of 1973\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"principal\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21\", \"FRBRdate\": [{\"date\": \"2019-02-21\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1973\/5\/eng@2019-02-21.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Stamp Duty Act\", \"actNumber\": \"5 of 1973\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nSTAMP DUTY LAW\n(2019 Revision)\nSupplement No. 6 published with Legislation Gazette No. 4 of 21st February, 2019.\n\nPage 2\nRevised as at 1st January, 2019\nc\n\nPUBLISHING DETAILS\nLaw 5 of 1973 consolidated with Laws 21 of 1977, 21 of 1984, 17 of 1985, 7 of 1990\n(part), 11 of 1990, 34 of 1993, 4 of 1997 (part), 13 of 1997, 12 of 1998, 22 of 1999, 7 of\n2000 (part), 13 of 2001, 24 of 2001, 32 of 2001, 37 of 2001, 21 of 2002, 11 of 2009, 22\nof 2009, 33 of 2012 and 43 of 2018, and with the Stamp Duty Regulations, 2003, Stamp\nDuty (No.2) Regulations, the Stamp Duty Regulations, 2004, the Stamp Duty (Rates of\nDuty) Regulations, 2006; the Stamp Duty (Rates of Duty) (No.2) Regulations, 2006 and\nStamp Duty Regulations, 2009.\n\nRevised under the authority of the Law Revision Law (1999 Revision).\n\nOriginally enacted \u2014\nLaw 5 of 1973-28th June, 1973\nLaw 21 of 1977-10th November, 1977\nLaw 21 of 1984-7th September, 1984\nLaw 17 of 1985-29th May, 1985\nLaw 7 of 1990-18th July, 1990\nLaw 11 of 1990-18th July, 1990\nLaw 34 of 1993-29th November, 1993\nLaw 4 of 1997-24th March, 1997\nLaw 13 of 1997-2nd May, 1997.\nLaw 12 of 1998-18th September, 1998\nLaw 22 of 1999-9th February, 2000 (sic)\nLaw 7 of 2000-20th July, 2000\nLaw 13 of 2001-25th May, 2001\nLaw 24 of 2001-26th September, 2001\nLaw 32 of 2001-14th November, 2001\nLaw 37 of 2001-31st December, 2001\nLaw 21 of 2002-5th December, 2002\nLaw 11 of 2009-20th March, 2009\nLaw 22 of 2009-15th October, 2009\nLaw 33 of 2012-26th November, 2012\nLaw 43 of 2018-22nd November, 2018.\n\nOriginally made \u2014\nRegulations, 2003-6th May, 2003\nRegulations (No. 2), 2003-18th November, 2003\n\nStamp Duty Law (2019 Revision)\nPublication Details Continued\n\nc\nRevised as at 1st January, 2019\nPage 3\n\nRegulations, 2004-13th January, 2004\nRegulations, 2006-6th June, 2006\nRegulations (No. 2), 2006-29th November, 2006\nRegulations, 2009-18th November, 2009.\n\nConsolidated and revised this 1st day of January, 2019.\n\nNote (not forming part of the Law): This revision replaces the 2013 Revision which\nshould now be discarded.\n\nStamp Duty Law (2019 Revision)\nArrangement of Sections\n\nc\nRevised as at1st January, 2019\nPage 5\n\nCAYMAN ISLANDS\n\nSTAMP DUTY LAW\n(2019 Revision)\nArrangement of Sections\nSection\nPage\n1.\nShort title ...................................................................................................................................7\n2.\nDefinitions ..................................................................................................................................7\n3.\nCharge of stamp duty .............................................................................................................. 10\n4.\nCommissioner .......................................................................................................................... 10\n5.\nCommissioner may delegate.................................................................................................... 10\n6.\nInformation and records ........................................................................................................... 10\n7.\nInquiries ................................................................................................................................... 10\n8.\nAdjudicator .............................................................................................................................. 12\n9.\nAdjudication ............................................................................................................................. 12\n10.\nAppeal against adjudication ..................................................................................................... 12\n11.\nManner of appeal ..................................................................................................................... 12\n12.\nEffect of appeal ........................................................................................................................ 12\n13.\nCosts ....................................................................................................................................... 12\n14.\nMethods of stamping ............................................................................................................... 13\n15.\nInstruments to be separately charged with duty in certain cases .............................................. 13\n16.\nFacts and circumstances affecting duty to be set forth in instruments ...................................... 13\n17.\nMode of calculating ad valorem duty in certain cases .............................................................. 13\n18.\nCancellation of adhesive stamps ............................................................................................. 14\n19.\nDenoting payment of duty ........................................................................................................ 14\n20.\nTime for stamping of instruments ............................................................................................. 14\n21.\nStamping after adjudication ..................................................................................................... 15\n22.\nInterest to be charged upon instruments remaining unstamped ............................................... 15\n23.\nUnstamped instruments as evidence ....................................................................................... 16\n24.\nRecords, etc., to be open to inspection .................................................................................... 16\n\nArrangement of Sections\nStamp Duty Law (2019 Revision)\n\nPage 6\nRevised as at 1st January, 2019\nc\n\n25.\nAllowance for spoiled, etc., stamps .......................................................................................... 16\n26.\nRegulations ............................................................................................................................. 16\n27.\nPower to vary Schedule ........................................................................................................... 17\n28.\nRules of court and costs .......................................................................................................... 17\n29.\nOffences .................................................................................................................................. 17\n30.\nPenalties.................................................................................................................................. 18\n31.\nAttorneys, etc., who wilfully contravene Law may be specially dealt with ................................. 18\n32.\nWaiver of fees: Cayman Brac, Little Cayman ........................................................................... 19\n33.\nElectronic records .................................................................................................................... 19\n34.\nTransitional provisions ............................................................................................................. 19\nSCHEDULE\n21\nRates of Duty\n21\nENDNOTES\n35\nTable of Legislation History: .............................................................................................................. 35\n\nStamp Duty Law (2019 Revision)\nSection 1\n\nc\nRevised as at 1st January, 2019\nPage 7\n\nCAYMAN ISLANDS\n\nSTAMP DUTY LAW\n(2019 Revision)\n\n1.\nShort title\n1.\nThis Law may be cited as the Stamp Duty Law (2019 Revision).\n2.\nDefinitions\n2.\nIn this Law \u2014\n\u201cadjudicator\u201d means the adjudicator of stamp duty appointed under section 8;\n\u201cbanker\u201d means a banker licensed as such under any law;\n\u201cCommissioner\u201d means the Commissioner for stamp duty collection\nappointed under section 4;\n\u201cconnected person\u201d includes \u2014\n(a)\nin the case of an individual, a relative or a person with whom the\nindividual contracts to provide building services to a third party on behalf\nof the individual;\n(b) if the person is a director or a shareholder of a company or partner of a\nfirm, another director or shareholder of that company or another partner\nof that firm or a relative of any of them;\n(c)\nif the person is a beneficiary, member, trustee, director, officer or\nemployee of any legal entity (other than a company, partnership or firm),\nanother beneficiary, member, trustee, director, officer or employee of any\n\nSection 2\nStamp Duty Law (2019 Revision)\n\nPage 8\nRevised as at 1st January, 2019\nc\n\nlegal entity (other than a company, partnership or firm) or a relative of\nany of them;\n(d) if the person is a company \u2014\n(i)\ncompanies and groups of companies who are connected in business;\nor\n(ii) companies and groups of companies who have the same or some of\nthe same directors or shareholders or the same or some of the same\npersons connected with such directors or shareholders;\n(e)\nif the person is a partnership or firm \u2014\n(i)\na partnership or firm and groups of partnerships or firms who are\nconnected in business; or\n(ii) partnerships or firms and groups of partnerships or firms who have\nthe same or some of the same partners, or the same or some of the\nsame persons connected with such partners; and\n(f)\nif the person is a legal entity other than a company, partnership or firm \u2014\n(i)\na legal entity and groups of legal entities who are connected in\nbusiness; or\n(ii) legal entities and groups of legal entities who have the same or\nsome of the same beneficiaries, members, trustees, directors,\nofficers or employees or the same or some of the same persons\nconnected with such beneficiaries, members, trustees, directors,\nofficers or employees;\n\u201cconsideration\u201d has the same meaning as that ascribed to it under the heading\n\u201cConveyance or transfer\u201d in the Schedule;\n\u201cConveyance or transfer\u201d has the same meaning as that ascribed to it under\nthat heading in the Schedule;\n\u201cdevelopment scheme\u201d means \u2014\n(a)\na scheme \u2014\n(i)\nto develop land by a seller (\u201cthe developer\u201d) where bare land is\nsold by that developer to any person (\u201cthe buyer\u201d); and\n(ii) there is a building agreement or any other similar agreement\nbetween the developer and the buyer that the developer or a\na\nconnected person of the developer will develop that bare land into\na house, strata condominium or other building for\nthat buyer or a\nconnected person of that buyer; or\n(b) a scheme where there is planning approval relating to land for the\nconstruction of buildings;\n\nStamp Duty Law (2019 Revision)\nSection 2\n\nc\nRevised as at 1st January, 2019\nPage 9\n\n\u201cduty\u201d means any stamp duty chargeable under this Law;\n\u201celectronic record\u201d has the same meaning as given in section 2 of the\nElectronic Transactions Law (2003 Revision);\n\u201cexecuted\u201d and its cognates means, with reference to any instrument, that it is\nsealed or signed, or sealed and signed, in such manner as to render such\ninstrument a lawful obligation by the person by, or on whose behalf, such\ninstrument is so sealed, signed, or sealed and signed;\n\u201cexempted company\u201d has the meaning ascribed to it in the Companies Law\n(2018 Revision);\n\u201cinstrument\u201d includes every written document and electronic record;\n\u201clinked property transaction\u201d means \u2014\n(a)\nthere are more than one transaction relating to the conveyancing and\ntransfer of immovable property;\n(b) the transactions are between the same buyer and seller (\u201cthe developer\u201d)\nor between their connected persons;\n(c)\npayment on each transaction can be made in one payment or divided into\ntwo or more payments; and\n(d) the transactions are part of a single arrangement or development scheme\nor part of a series of transactions;\n\u201cmaterial\u201d includes any material upon which words or figures can be\nexpressed;\n\u201cMinister of Finance\u201d means the Minister charged with responsibility for\nfinance under section 54 of Schedule 2 to the Cayman Islands Constitution\nOrder 2009.\n\u201cplanning permission\u201d means permission granted under section 15 of the\nDevelopment and Planning Law (2017 Revision);\n\u201cpremium\u201d in respect of an assignment means the amount howsoever paid to\nthe assignor by the assignee for the benefit of the agreement (disregarding\nsums payable prior to the date of such assignment in accordance with such\nagreement or by way of reimbursement of such sums);\n\u201crecording\u201d and its cognates means recording under the Public Recorder Law\n(2010 Revision);\n\u201cregistering\u201d and its cognates has reference to registration under any\nrequirement of any law whereby any instrument or event is required to be\nregistered in any public office;\n\u201crelative\u201d in relation to a person, means a person\u2019s husband, wife, brother,\nsister, uncle, aunt, nephew, niece or other lineal ancestor or descendant, stepchild or adopted child;\n\nSection 3\nStamp Duty Law (2019 Revision)\n\nPage 10\nRevised as at 1st January, 2019\nc\n\n\u201cstamp\u201d means a stamp authorised by the Governor under this Law or the\nPostal Law (1997 Revision) which is either \u2014\n(a)\na stamp impressed by means of a die;\n(b) an adhesive stamp; or\n(c)\na stamp printed by a lawfully operated postal franking machine; and\n\u201cstamped\u201d, with reference to any instrument or material, has reference to any\ninstrument or material upon which a stamp has been impressed, affixed or\nprinted.\n3.\nCharge of stamp duty\n3.\n(1) There shall be charged for the revenue of the Islands stamp duties upon the\ninstruments specified in the Schedule at the rates therein prescribed.\n(2) Duties chargeable under subsection (1) shall, immediately upon coming due,\nbe recoverable as civil debts at the suit of the Commissioner.\n4.\nCommissioner\n4.\nThe Minister of Finance shall be ex officio Commissioner for the collection of\nstamp duty and has care and management of the collection of all stamp duty\nimposed by this or any other law.\n5.\nCommissioner may delegate\n5.\nThe Commissioner may, under his hand, authorise any officer of Government to\nperform all or any of his functions.\n6.\nInformation and records\n6.\n(1) The Commissioner may, by notice, require any person to \u2014\n(a)\nsupply to him such information; and\n(b) produce to him such records,\nas may be specified in the notice, being information and records the supply\nand production of which the Commissioner considers necessary or desirable\nfor the purpose of enabling him to carry out his functions.\n(2) A notice under subsection (1) shall require the information to be supplied and\nthe records to be produced within such period as may be specified in the\nnotice, being not less than thirty days from the date of the notice.\n7.\nInquiries\n7.\n(1) The Commissioner may hold such inquiries as he considers necessary or\ndesirable to enable him to carry out his functions.\n\nStamp Duty Law (2019 Revision)\nSection 8\n\nc\nRevised as at 1st January, 2019\nPage 11\n\n(2) For the purposes of an inquiry under this section the Commissioner may by\nnotice require any person \u2014\n(a)\nto attend to give evidence on any of the matters specified in the notice at\nthe time, day and place so specified; and\n(b) to produce all records in his possession or under his control which relate\nto any such matters.\n(3) For the purposes of an inquiry under this section \u2014\n(a)\nsubject to paragraph (b), the Commissioner may take evidence on oath\nand for that purpose administer oaths, or instead of administering an\noath, may require the person examined to make and subscribe a\ndeclaration of the truth of the matter respecting which he is\nexamined; and\n(b) no person shall be compelled to give any evidence which he could not be\ncompelled to give in proceedings before the Grand Court.\n(4) The procedure at any such inquiry shall be determined by the Commissioner,\nbut so that any person who has received a notice under subsection (2)\nrequiring him to attend to give evidence, shall be entitled to representation by\nan attorney.\n(5) The costs, charges or expenses in relation to an inquiry under this section,\nincurred by the Commissioner or any other person, shall be borne and paid by\nsuch person and in such manner and proportion as the Commissioner shall\ndirect.\n(6) For the purposes of this section and section 6 \u2014\n(a)\n\u201crecords\u201d includes any document in whatever form it is held; and\n(b) where any such records are held in or kept by means of a computer, the\npowers of the Commissioner to require the supply of information,\nproduction of records and attendance to give evidence shall include\npowers \u2014\n(i)\nto have access to, and inspect and check the operation of, any\ncomputer and associated apparatus or material which is or has been\nin use in connection with the records;\n(ii) to require any person having charge of, or otherwise concerned with\nthe operation of, the computer, apparatus or material to afford to the\nCommissioner such assistance as he may reasonably require; and\n(iii) to require the records to be produced or copied in any form which\nhe may reasonably request.\n\nSection 8\nStamp Duty Law (2019 Revision)\n\nPage 12\nRevised as at 1st January, 2019\nc\n\n8.\nAdjudicator\n8.\nThe Commissioner is the adjudicator of stamp duty.\n9.\nAdjudication\n9.\nThe adjudicator shall, on payment in the prescribed manner of the prescribed fee\nadjudicate for stamp duty every instrument presented to him for that purpose within\nfifteen days of such presentation and, subject to the right of appeal of any person\npaying the duty as adjudicated, such adjudication shall be final and binding for all\npurposes of this Law.\n10.\nAppeal against adjudication\n10. Any person who has paid an adjudicated stamp duty upon any instrument may,\nwithin thirty days of the adjudication, appeal there against to the Grand Court.\n11.\nManner of appeal\n11. Every appeal under section 10 shall be commenced by notice of motion to the\nGrand Court with copy thereof to the Commissioner.\n12.\nEffect of appeal\n12. Upon an appeal brought under section 10, the Grand Court, after hearing the\nparties may \u2014\n(a)\nuphold the adjudication;\n(b) order that duty be charged at a lower rate;\n(c)\norder that the instrument is not subject to duty; or\n(d) order that duty be charged at a higher rate,\nand in the event of the order of the Grand Court falling under\nparagraph (b), (c) or (d) the Grand Court shall cause the instrument to be\nendorsed with the substance and date of the order and the seal of the Grand\nCourt and the Commissioner shall cause the instrument to be re-stamped or\notherwise dealt with in accordance with the order, against appropriate\nadjustment made in the charge of duty to the appellant.\n13.\nCosts\n13. (1) Where the Grand Court makes an order under \u2014\n(a)\nparagraph (a) of section 12, it shall award costs to the Commissioner for\npayment to the Treasury for the revenue;\n(b) paragraph (b) or (c) of section 12 it shall order costs to be paid out of the\nrevenue by the Commissioner to the appellant; or\n(c)\nparagraph (d) of section 12 no costs shall be awarded.\n\nStamp Duty Law (2019 Revision)\nSection 14\n\nc\nRevised as at 1st January, 2019\nPage 13\n\n(2) The scale of costs shall be as prescribed.\n14.\nMethods of stamping\n14. (1) In addition to any other methods of stamping instruments which the Governor\nmay from time to time prescribe, instruments or other documents may be\nstamped by affixing thereto adhesive stamps issued by the Governor to the\nPost Office for the purpose of the Postal Law (1997 Revision) or this Law of\nsuch designs and denominations as the Governor may from time to time\nprescribe or by means of postal franking machines approved for use under\nthat law.\n(2) The Commissioner may collect in advance from any banker any duty payable\nupon cheques and may authorise the pre-stamping of forms of such cheques in\nblank for subsequent issue for use by the public.\n(3) Such blank forms shall be imprinted under the supervision of the\nCommissioner with a double black circle printed round with the words\n\u201cCayman Islands Stamp Duty Paid\u201d in such manner as to be readily and\nclearly apparent and to show the amount of duty paid.\n15.\nInstruments to be separately charged with duty in certain cases\n15. Except where express provision to the contrary is made in this or any other law, one\ninstrument \u2014\n(a)\ncontaining or relating to several distinct matters is to be separately and\ndistinctly charged, as if it were a separate instrument, with duty in respect\nof each of the matters; and\n(b) made for any consideration in respect whereof it is charged with ad\nvalorem duty and also for any further or other valuable consideration or\nconsiderations, is to be separately and distinctly charged, as if it were a\nseparate instrument, with duty in respect of each of the considerations.\n16.\nFacts and circumstances affecting duty to be set forth in instruments\n16. All facts and circumstances affecting the liability of an instrument to duty or the\namount of the duty with which any instrument is chargeable, are to be fully and\ntruly set forth in the instrument.\n17.\nMode of calculating ad valorem duty in certain cases\n17. (1) Where an instrument is chargeable with ad valorem duty in respect of any\nnon-Caymanian currency, the duty shall be calculated on the day of the date of\nthe execution of the instrument according to the average current rate of\nexchange on that day.\n\nSection 18\nStamp Duty Law (2019 Revision)\n\nPage 14\nRevised as at 1st January, 2019\nc\n\n(2) Where an instrument contains a statement of current rate of exchange and is\nstamped in accordance with that statement, it is, so far as the subject matter of\nthe statement, to be deemed to be duly stamped, unless or until it is shown that\nthe statement is untrue and that the instrument is insufficiently stamped.\n18.\nCancellation of adhesive stamps\n18. Where adhesive stamps are used to stamp any instrument the person whose duty it is\nto stamp the same shall, immediately after affixing such stamps, cancel each one by\nwriting across it his name or initials or the name or initials of his firm together with\nthe true date of his so writing, or otherwise so effectively cancel such stamp or\nstamps as to render them incapable of being used for any other purpose.\n19.\nDenoting payment of duty\n19. Where the duty with which an instrument is chargeable depends in any manner\nupon the duty paid upon another instrument, the fact of the payment of the last\nmentioned duty shall, upon application to the Commissioner and production to him\nof both instruments, be denoted by the Commissioner by endorsement under his\nhand upon the first instrument in such manner as he thinks fit.\n20.\nTime for stamping of instruments\n20. (1) Subject to this section, an instrument which is required to be stamped shall be\nstamped at the time of its execution.\n(2) An instrument chargeable with ad valorem duty which is not referred to\nelsewhere in this section shall be stamped or presented for adjudication at any\ntime before the end of the period of forty-five days beginning with the day on\nwhich \u2014\n(a)\nit is first signed or, if first signed outside the Islands, it has first been\nreceived in the Islands following that signing; or\n(b) if held in escrow following that signing or receipt, the last condition is\nfulfilled in respect of which the instrument was so held.\n(3) In respect of any conveyance or transfer of land, strata title or interest therein\nthe transferee shall ensure that the relevant instrument shall \u2014\n(a)\nupon conveyance or transfer be duly and fully completed in accordance\nwith its terms and, in the case of a transfer prepared pursuant to the\nRegistered Land Rules (2018 Revision), signed by the transferor and the\ntransferee and certified as provided by the Registered Land Rules (2018\nRevision); and\n(b) cause the same to be stamped or presented for adjudication, in the case of\na transfer prepared pursuant to the Registered Land Rules (2018\nRevision), at any time before the end of the period of forty-five days of\n\nStamp Duty Law (2019 Revision)\nSection 21\n\nc\nRevised as at 1st January, 2019\nPage 15\n\nits signature by the transferor, and in all other cases within forty five days\nof the disposition or first disposition of the land, strata title or interest\neffected by or under that instrument.\n(4) An instrument chargeable with ad valorem duty which provides for the\nassignment of any right or interest in relation to the purchase of, or of an\ninterest in, any land or strata title, shall be stamped or presented for\nadjudication by the assignee at any time before the end of the period of fortyfive days beginning with the day on which the instrument was signed by the\nassignor.\n(5) An agreement or memorandum of agreement in respect of which the purchaser\nhas elected to pay ad valorem duty shall be stamped or presented for\nadjudication before the end of the period of forty-five days beginning with the\nfirst day on which any obligation under the agreement or memorandum of\nagreement was discharged.\n(6) The Commissioner may, at any time \u2014\n(a)\nwaive, refund or abate the whole or part of the duty payable; or\n(b) extend any time period provided for under this Law.\n21.\nStamping after adjudication\n21. All unstamped or partly stamped instruments presented for adjudication shall,\nwithin seven days of adjudication, be stamped or stamped up to the extent of the\namount adjudicated and with stamps to cover the adjudication fee and, until so\nstamped, shall remain in the custody of the adjudicator who shall give facilities to\nthe owner for the stamping thereof while in such custody, and shall give notice to\nthe owner or his agents in any reasonable manner the owner or his agent may\nstipulate, of the completion of the adjudication.\n22.\nInterest to be charged upon instruments remaining unstamped\n22. In addition to any penalty imposed by this Law for late stamping or non-stamping of\nany instrument which is required to be stamped, there shall be charged interest at\nten per cent per annum for the first month or part of a month and thereafter at the\nrate of twenty per cent per annum upon the total amount of the duty so remaining\nunpaid:\nProvided that the Commissioner may, at his discretion, for good cause, waive\npayment of the whole or any part of such interest.\n\nSection 23\nStamp Duty Law (2019 Revision)\n\nPage 16\nRevised as at 1st January, 2019\nc\n\n23.\nUnstamped instruments as evidence\n23. Subject to the Evidence Law (2019 Revision), no instrument shall be rejected as\nevidence in any court or legal tribunal by reason only that it is unstamped or\ninsufficiently stamped for the purpose of this Law, provided, in any civil case, the\nperson pro-pounding the instrument shall be required to stamp or stamp-up the\ninstrument \u2014\n(a)\nif the deficiency of duty paid is in respect of ad valorem duty, with twice\nthe amount of the deficiency; or\n(b) in any other case, with twenty times the amount of the deficiency,\nand, in any criminal case, the instrument shall be impounded and, at the termination\nof the case, sent to the Commissioner for such action as he may deem fit.\n24.\nRecords, etc., to be open to inspection\n24. (1) Every public officer having in his custody any records, books, papers or\nproceedings, the inspection of which may lead to the discovery of evasion or\nomission of payment of stamp duty required by this or any other law to be\npaid, shall, at all reasonable times, permit the Commissioner to inspect and\ntake copies of such records, books, papers or proceedings.\n(2) Every public officer who receives or has in his control any instrument which\nhe has reason to believe is chargeable with duty under this Law is either\nunstamped or under-stamped shall impound the same and forward it to the\nCommissioner who shall adjudicate the same and thereafter deal with it\naccording to this Law.\n25.\nAllowance for spoiled, etc., stamps\n25. The Commissioner may, in proper cases, and subject to such terms, including the\nmaking by any person of a declaration on oath or affirmation, make refund to any\nperson in respect of stamps which have inadvertently been spoiled, obliterated or\notherwise rendered unfit for the purpose for which they were issued under this Law\nor in any other case in respect of which he considers in his discretion it is just to\nmake such a refund.\n26.\nRegulations\n26. The Governor may make regulations prescribing \u2014\n(a)\ntypes of stamps for issue to the public for use under this Law;\n(b) stamp embossing machines and the use thereof; and\n(c)\nanything necessary to be prescribed for the implementation of this Law.\n\nStamp Duty Law (2019 Revision)\nSection 27\n\nc\nRevised as at 1st January, 2019\nPage 17\n\n27.\nPower to vary Schedule\n27. (1) The Governor may, where it is necessary so to do, by regulations, delete from,\nadd to or vary the Schedule.\n(2) Regulations made under this section are subject to negative resolution of the\nLegislative Assembly.\n28.\nRules of court and costs\n28. The Chief Justice may make rules for the conduct of appeals under this Law and for\nthe scale of costs to be charged for the purpose of section 13.\n29.\nOffences\n29. (1) A person who \u2014\n(a)\nwith intent to defraud, fails to issue a receipt in respect of money paid to\nhim or fails to stamp any instrument upon which duty is payable under\nthis Law, it being his duty so to do;\n(b) with intent to defraud, presents or causes to be presented for recording or\nregistration any instrument upon which duty is payable which has not\nbeen duly stamped;\n(c)\nwith intent to defraud, contravenes section 15, 16, 18, 20, 21 or 24;\n(d) without authorisation, deals in any stamps issued for the purpose of\ncompliance with this Law;\n(e)\nbeing entrusted with any money for the purpose of stamping any\ninstrument in compliance with this Law, fails to apply such money to\nsuch purpose;\n(f)\nforges any stamp or die provided for the purposes of this Law;\n(g) makes any false statement or declaration for the purpose of avoiding or\nmitigating any charge to duty payable under this Law or withholds any\ninformation which, under this Law, he has a duty to disclose with regard\nto the true consideration for or any other matter affecting the stamping of\nany instrument upon which duty is payable;\n(h) being a public officer, knowingly records or registers any instrument\nupon which duty is payable, which has not been duly stamped;\n(i)\nfails without reasonable excuse to comply with a notice under\nsection 6(1) or, in purported compliance with such a notice knowingly or\nrecklessly supplies information or produces a record which is false or\nmisleading in a material respect;\n(j)\nrefuses without reasonable excuse to attend in compliance with a notice\nunder section 7(2), or to give evidence as required by such a notice, or\n\nSection 30\nStamp Duty Law (2019 Revision)\n\nPage 18\nRevised as at 1st January, 2019\nc\n\nknowingly alters, suppresses, conceals, destroys or refuses to produce\nany record which he may be required to produce for the purposes of that\nsection;\n(k) fails to comply with section 20(3) or (4); or\n(l)\nknowingly fails to comply with any other requirement contained in\nthis Law,\ncommits an offence in addition to any other offence he may hereby have\ncommitted under any other law.\n(2) An offence shall be deemed to have been committed on the day when it shall\nfirst come to the knowledge of the Commissioner.\n30.\nPenalties\n30. (1) A person who commits an offence under section 29(1) or attempts to commit\nor aids or abets any other person to commit such an offence is liable on\nsummary conviction to a fine of five hundred thousand dollars and to\nimprisonment for five years.\n(2) The Governor may, in his discretion, reward any person who informs him of\nany offence or assists in the recovery of any duty under this Law.\n(3) Where an offence under section 29 (1) has been committed by a body\ncorporate and is proved to have been committed with the consent or\nconnivance of, or to be attributed to any neglect on the part of, any director,\nmember, secretary or other similar officer of that body, or any person who was\npurporting to act in that capacity, he as well as the body corporate shall be\ndeemed to have committed that offence and shall be liable to be proceeded\nagainst and punished accordingly.\n31.\nAttorneys, etc., who wilfully contravene Law may be specially dealt with\n31. (1) If any person of a description referred to in subsection (2) is convicted of an\noffence under section 29(1), the Governor may, in addition to any other\npenalty imposed by a court in respect of that conviction, suspend or terminate\nthat person\u2019s licence or authorisation to practise or carry on business, or\nsuspend or remove that person from his office, for such time and on such\nconditions as the Governor may determine.\n(2) The descriptions of person referred to in subsection (1) are any \u2014\n(a)\nattorney-at-law;\n(b) bank or trust company;\n(c)\nofficer or other employee of a bank or trust company;\n(d) accountant;\n\nStamp Duty Law (2019 Revision)\nSection 32\n\nc\nRevised as at 1st January, 2019\nPage 19\n\n(e)\nagent; or\n(f)\nbroker or estate agent,\nlicensed or authorised to practise or carry on business or employment as such\nin the Islands.\n32.\nWaiver of fees: Cayman Brac, Little Cayman\n32. The Governor may, from time to time, waive or reduce any or all of the fees\nspecified under the following headings in the Schedule in relation to any person or\ngroup of persons in Cayman Brac or Little Cayman \u2014\nAgreement or Memorandum of Agreement-(a)(i);\nAssignment-(b) and (c);\nAttorney, Power of;\nDeed;\nMortgage-(a), (b), (c), (d) and (e); and\nWithdrawal of Caution.\n33.\nElectronic records\n33. (1) Where an instrument which is liable to duty under this Law is in the form of an\nelectronic record, a printed copy of the instrument shall be prepared and\nstamped in all respects in accordance with this Law.\n(2) Until a printed copy of an instrument in the form of an electronic record has\nbeen stamped in accordance with subsection (1), the instrument shall be\nunstamped for the purposes of this Law.\n34.\nTransitional provisions\n34. The provisions of the Stamp Duty (Amendment) Law, 2018 [Law 43 of 2018] shall\nnot apply \u2014\n(a)\nin relation to a linked property transaction where the development\nscheme has obtained planning permission not later than the 30th day of\nJune, 2019 and the relevant agreement for sale or the conveyance are\nexecuted not later than the 31st day of December, 2019;\n(b) in relation to any other type of land transaction not specified in\nparagraph (a) which is executed before the 1st day of January, 2019; and\n(c)\nin relation to any request for a concession, waiver, refund, abatement or\nany other type of request which can be made under the principal Law and\nwhich is made before the 1st day of January, 2019.\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 21\n\n SCHEDULE\nsection 3(1)\nRates of Duty\nADJUDICATION of an instrument \u2014\n1% of the sum adjudicated with a minimum of $1 and a maximum of $1,000.\nADMINISTRATION (see Probate)\nAGREEMENT OR MEMORANDUM OF AGREEMENT\n(1) Agreement or memorandum of agreement for the purchase of any land or\nstrata title (or interest in any land or strata title) \u2014\n(a)\nunder which no right to possession is conferred or derived \u2014\n(i)\n$100; or\n(ii) the same duty as on a conveyance or transfer of the land, strata title\nor interest executed in conformity with the agreement,\nat the option of the purchaser; and\n(b) under which a right to possession is conferred or derived, the same duty\nas on a conveyance or transfer of the land, strata title or interest executed\nin conformity with the agreement.\n(2) Where ad valorem is paid under paragraph (1) and, subsequent to the\nagreement or memorandum of agreement, a conveyance or transfer is executed\nwhich \u2014\n(a)\nis in conformity with the agreement; or\n(b) is in conformity with the agreement except for minor discrepancies, due\nto survey or otherwise, in the description of the property concerned,\nthe duty which would otherwise be charged on the subsequent conveyance or\ntransfer shall be reduced or extinguished by the deduction therefrom of the\nduty paid on the agreement or memorandum of agreement.\n(3) For the purposes of this head of duty, an agreement or memorandum of\nagreement for the sale or purchase of any land or strata title (or interest in any\nland or strata title) shall be deemed to confer, or permit the derivation of, a\nright of possession unless the agreement or memorandum of agreement\nexpressly prevents such a right from being conferred or derived.\n(4) In this Law \u2014\n\nSCHEDULE\nStamp Duty Law (2019 Revision)\n\nPage 22\nRevised as at 1st January, 2019\nc\n\n\u201cpossession\u201d includes the collection of rents.\n(5) Where an agreement or memorandum of agreement is under hand or where no\nother duty is specified under this head or any other head of charge $2\nAIR WAYBILL for goods exported (including a COURIER AIRWAYBILL):\n$2\nAPPOINTMENT, POWER OF, exercised by any instrument other than a will\nwhere no other duty is specified under any other head of charge: $6\n(see also Conveyance)\nASSENT to the vesting of land by personal representatives: Nil.\n\nASSIGNMENT\n(1) Assignment of any rights under an Agreement or Memorandum of Agreement\nrelating to the purchase of any land or strata title (or an interest in any land or\nstrata title) \u2014\n(a)\nwhere there is no premium for the assignment and no right to possession\nis conferred or derived under the assignment \u2014\n(i)\n$200; or\n(ii) the same duty as on a conveyance or transfer, executed in\n\nconformity with the assignment, of the land, strata title or\n\ninterest concerned,\nat the option of the assignee;\n(b)\nwhere there is a premium for the assignment and no right to possession\nis conferred or derived under the assignment \u2014\n(i)\n$200; or\n(ii) the same duty as on a conveyance or transfer, executed in\n\nconformity with the assignment, of the land, strata title or\n\ninterest concerned,\nat the option of the assignee; and\n(c)\nwhere a right to possession is conferred or derived under the assignment,\nthe same duty as on a conveyance or transfer, executed in conformity\nwith the assignment, of the land, strata title or interest concerned.\n(2) Where ad valorem duty is paid on the market value of the property or the\nvalue of the premium under paragraph (1) and a subsequent conveyance or\ntransfer is executed which \u2014\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 23\n\n(a)\nis in conformity with the assignment; or\n(b) is in conformity with the assignment except for minor discrepancies, due\nto survey or otherwise, in the description of the property concerned,\nthe duty which would otherwise be charged on the subsequent conveyance or\ntransfer shall be reduced or extinguished by the deduction therefrom of the\nduty paid on the assignment.\n(3) For the purpose of this head of duty, an assignment of any land or strata title\n(or interest in any land or strata title) shall be deemed to confer or permit the\nderivation of a right of possession unless the assignment expressly or\neffectually prevents such a right from being conferred or derived.\n(4) Assignment of a debt, policy of life assurance or, subject to paragraph (5), any\nother thing in action where no duty is payable under any other head or charge\nexcept shares, interests in trust funds, interests in partnerships, warrants or\noptions or other rights to acquire shares, interests in trust funds or in\npartnerships \u2014\n\n $100\n(5) Assignment of any rights under an agreement or memorandum of agreement\nfor or in relation to the purchase of or an interest in any land, strata title or\nother immovable property where there is no consideration \u2014 $200\nATTORNEY, POWER OF, including a letter of attorney where no other duty\nis specified under any other head of charge \u2014\n\n$50\n(see also Conveyance, Mortgage).\nBILLS OF EXCHANGE\n(a) cheques\n25 cents\n(b)\ndrafts, orders, acceptances. letters of credit,\npromissory notes or I.O.U.\u2019s for payment to the\nbearer or to order, of any sum of money-\nnot exceeding $100\n25 cents\nfor every extra $100 or part thereof\n25 cents\nup to a maximum of\n $250\n (c) where any of the instruments specified in paragraphs (a) and (b) of this\nhead are issued as part of a series of instruments hereinafter called an\n\u201cissue\u201d) ranking equally amongst themselves, such instruments, and any\nglobal instrument relating thereto, whether secured or unsecured and any\n\nSCHEDULE\nStamp Duty Law (2019 Revision)\n\nPage 24\nRevised as at 1st January, 2019\nc\n\nassignment or transfer thereof, shall not be subject to duty under this Law\nif the issuer is an exempted company or an ordinary non-resident\ncompany (as defined in the Companies Law (2018 Revision)) or a body\ncorporate incorporated outside the Islands and has paid a duty of five\nhundred dollars in respect of such issue and the issue is not secured by\nimmovable properly situated in the Islands.\nBILL OF LADING for goods exported: $2\nBILL OF SALE (see Mortgage)\nCERTIFICATIONS given under the hand of the Governor or any other public\nofficer not holding a post in the judicature verifying or confirming the\nauthenticity, or correctness or accuracy of any duplicate or copy, of any\ninstrument which certifications are not otherwise chargeable to duty or attract\nany official fee or payment under this or any other law: $2\nCHARGE (see Mortgage)\nCHEQUE (see Bill of Exchange)\nCHARTER-PARTY: $10\nFor the purposes of this charge, the expression \u201ccharter party\u201d means any\nagreement or contract for the charter of any ship, vessel, hovercraft or aircraft\nor any memorandum, letter or other writing between the captain, master or\nowner of any ship, vessel, hovercraft or aircraft, and any other person for or\nrelating to the freight or conveyance of any money, goods or effects on board\nthereof.\nCONVEYANCE OR TRANSFER of any immovable property \u2014\n(1) The charge to duty on a conveyance or transfer of immovable property in the\nregistration sections, blocks and parcels included in the following Table is\n7.5% of the consideration:\nRegistration\nsection\nBlock\nWest Bay\n5C (parcels with water frontage only, but including any\nparcel subsequently derived from another parcel with\nwater frontage existing at the 1st July, 2006), 5D, 10A,\n10E, 11B, 11C, 11D, 12C (parcels with water frontage\nonly, but including any parcel subsequently derived\nfrom another parcel with water frontage existing at the\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 25\n\n1st July, 2006), 12D, 12E, 17A.\nGeorge Town\n13B, 13C, 13E, 13EH (parcels with road frontage on\nWest Bay Road, Eastern Avenue and North Church\nStreet), 13D (parcels with road frontage on Eastern\nAvenue), 14BG, 14BH, 14BJ, 14CJ, OPY, 18A.\n(2) The charge to duty on a conveyance or transfer of immovable property not\nreferred to in the Table to paragraph (1) is 7.5%.\n(3) For the purpose of this head of duty, the consideration shall be deemed to be\nthe consideration recited in the instrument effecting the conveyance or transfer\nor the market value of the property conveyed or transferred, whichever is the\nhigher, irrespective of any mortgage, charge, lien or other encumbrance to\nwhich it is subject, or of the actual form the consideration may take, the\nperiod, if any, over which the consideration is payable, whether or not the\nproperty conveyed or transferred is contained in one or more parcels or lots\nand whether or not the property is conveyed or transferred by one or more\ninstruments, provided that in the case of the use of more than one instrument\nin respect of any one or more of the same parcels one such instrument shall be\ndeclared to be the principal instrument and shall recite the value of the\nproperty as hereby defined and shall bear the whole of the ad valorem duty\nsubject to this charge, but so that where the parties desire to convey or transfer\ndifferent parcels by different instruments, the ad valorem duty charged may be\napportioned among such instruments:\nProvided that where the Commissioner is satisfied that there is a conveyance\nor transfer to or from a land holding corporation (as defined in the Land\nHolding Companies Share Transfer Tax Law (2016 Revision)) and the\nconveyance or transfer is, as the case may be, from or to a person or persons\nwho in aggregate are the legal and beneficial owners of not less than forty-five\nper cent of the shares in the corporation then he may, in his absolute\ndiscretion, abate this charge to duty by such percentage, not being a percentage\ngreater than such person\u2019s or persons\u2019 percentage holding in the corporation,\nas he shall think fit.\n(4) For the purposes of paragraph (3), the market value of any property is the\nestimated amount for which a property should exchange on the date of\nvaluation between a willing buyer and a willing seller in an arm\u2019s-length\ntransaction after proper marketing wherein the parties had each acted\nknowledgeably, prudently and without compulsion.\n(5) For the purpose of this charge to duty the expression \u201cconveyance or\ntransfer\u201d includes every instrument pursuant to which any land, strata title or\n\nSCHEDULE\nStamp Duty Law (2019 Revision)\n\nPage 26\nRevised as at 1st January, 2019\nc\n\ninterest therein is transferred to, acquired or enjoyed by another which shall\ninclude the right to occupy the same or enjoy the rents and profits thereof, and\nincludes any grant, bargain, assignment, release, foreclosure or disclaimer\nhowsoever described but shall not include any instrument conferring or vesting\nsuch rights in a receiver or any lease or licence or agreement for a lease or\nlicence.\n(6) An instrument whereby an interest in land or strata title is conveyed or\ntransferred to any person in contemplation of a sale of that interest shall be\ntreated for the purposes of this Law as a conveyance or transfer on sale of that\nland or strata title for a consideration equal to the value contemplated in\nrespect of that sale.\n(7) A power or letter of attorney with respect to any immovable property given for\nconsideration, or declared to be irrevocable, is chargeable to duty as a\nconveyance on sale. The exercise of a power of appointment to any interest in\nimmovable property if exercised otherwise than by will is chargeable to duty\nas a conveyance on sale.\n(8) For the removal of doubt it is declared that a sale in exercise of the power of\nsale of a mortgagee of immovable property is chargeable as a conveyance on\nsale of the whole of the immovable property subject to the mortgage:\nProvided that no duty shall be payable under this head where the immovable\nproperty is situated outside the Islands.\n(9) There is a charge to duty in the sum of fifty dollars in the case of \u2014\n(a)\na conveyance or transfer expressed to be for natural love and affection\nbetween a parent and a child or between spouses; or\n(b) a conveyance or transfer expressed to be for natural love and affection\nbetween children born of the same parent, or between a grandparent and\na grandchild,\nwhere it has been certified by the Commissioner to be a conveyance or transfer\nin respect of which he is satisfied that the provisions of this paragraph may\nproperly apply.\n(10) Notwithstanding paragraph (2) where land (other than land included in the\nTable to paragraph (1)) is transferred to a person who is a Caymanian as a\nresult of the purchase of that land by that person for the purpose of that\nperson\u2019s first immovable property \u2014\n(a)\nthere is no charge to duty on the instrument effecting such transfer if \u2014\n(i)\nin the case of land with a building, the consideration is $400,000 or\nless; or\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 27\n\n(ii) in the case of land without a building, the consideration is $150,000\nor less; and\n(b) duty at the rate of 2% of the consideration is chargeable on the\ninstrument if \u2014\n(i)\nin the case of land with a building, the consideration exceeds\n$400,000 but does not exceed $500,000; or\n(ii) in the case of land without a building, the consideration exceeds\n$150,000 but does not exceed $200,000; and\n(c)\nduty at the rate of 7.5% of the consideration is chargeable on the\ninstrument if \u2014\n(i)\nin the case of land with a building, the consideration exceeds\n$500,000; or\n(ii) in the case of land without a building, the consideration exceeds\n$200,000.\n(11) Notwithstanding paragraph (2) where land (other than land included in the\nTable to paragraph (1)) is transferred to two or not more than ten persons who\nare Caymanian as a result of a purchase of that land by those persons where\nthat land is the first immovable property of each of those persons \u2014\n(a)\nthere is no charge to duty on the instrument effecting such transfer if \u2014\n(i)\nin the case of land with a building, the consideration is $500,000 or\nless; or\n(ii) in the case of land without a building, the consideration is $300,000\nor less; and\n(b) duty at the rate of 2% of the consideration is chargeable on the\ninstrument if \u2014\n(i)\nin the case of land with a building, the consideration exceeds\n$500,000 but does not exceed $600,000; or\n(ii) in the case of land without a building, the consideration exceeds\n$300,000 but does not exceed $350,000; and\n(c)\nduty at the rate of 7.5% of the consideration is chargeable on the\ninstrument if \u2014\n(i)\nin the case of land with a building, the consideration exceeds\n$600,000; or\n(ii) in the case of land without a building, the consideration exceeds\n$350,000.\n(12) The exemption afforded by this head of duty relates only to property which a\nCaymanian is purchasing for the first time in the Islands; and where the\n\nSCHEDULE\nStamp Duty Law (2019 Revision)\n\nPage 28\nRevised as at 1st January, 2019\nc\n\nCaymanian had purchased other property in the Islands but was not a\nCaymanian at the date of purchase, the exemption under this head of duty shall\nnot apply.\n(13) A grant of concession afforded by this head of duty shall be subject to such\nconditions as the Minister of Finance may think fit to impose in order to\nprevent exploitation of those provisions by persons who are not bona fide first\ntime property purchasers.\n(14) For the purposes of this head of duty, \u201cCaymanian\u201d has the meaning assigned\nto it in the Immigration Law (2015 Revision).\nCONVEYANCE OR TRANSFER of any immovable property within a development\nscheme and forming part of a linked property transaction \u2014\n(1) The charge to duty on a conveyance or transfer of immovable property which\nis part of a linked property transaction is, where the total value of the linked\nproperty transaction is $300,000 or less, 3% of the total value of the linked\nproperty transaction.\n(2) The charge to duty on a conveyance or transfer of immovable property which\nis part of a linked property transaction is, where the total value of the linked\nproperty transaction is more than $300,000, 7.5 % of the total value of the\nlinked property transaction.\n(3) The charge to duty on an agreement to convey or transfer bare land in the first\npart of a linked property transaction is, where the total value of the linked\nproperty transaction is more than $300,000, 3.75% of the total value of the\nlinked property transaction, payable within 45 days of the date the agreement\nis first signed by the buyer.\n(4) The charge to duty on a conveyance or transfer of immovable property in the\nsecond part of a linked property transaction is, where the total value of the\nlinked property transaction is more than $300,000, 3.75% of the total value of\nthe linked property transaction, payable within 45 days of the date the\nconveyance or transfer is first signed by the buyer.\n(5) For the purposes of this paragraph, under a building agreement or such other\ntype of agreement, in calculating the value of immovable property, the value\nshall include any fixtures on the developed land which is specified in any such\nagreement in relation to that land such as tiles, plumbing and air condition\nunits or other similar fixtures.\nDEED of any kind whatsoever, not described in this Schedule:\n $50\nEXCHANGE (see Conveyance)\nHYPOTHECATION (see Mortgage)\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 29\n\nINSURANCE ( see Policy of Insurance)\nLEASE OR AGREEMENT FOR A LEASE OF IMMOVABLE PROPERTY OR ANY\nINTEREST THEREIN \u2014\n(a)\nwhere the term exceeds thirty years \u2014\n\n the same duty as on a conveyance on sale upon the full value of the\nproperty or interest therein;\n(b) where any premium or other valuable consideration other than or in\naddition to rent is provided in the instrument and the term is thirty years\nor less \u2014\n\n the same duty as on a conveyance on sale upon the premium or\nother consideration;\n(c)\nwhere the consideration or any part of the consideration is rent and the\nterm is thirty years or less \u2014\n\n(i) if the term does not exceed five years, a duty equal to 5% of the\naverage annual rent:\n\n Provided that if the term is for less than one year, then the duty shall\nbe equal to 5% of the aggregate rent to be paid;\n\n(ii) if the term exceeds five years but does not exceed ten years, a duty\nequal to 10% of the average annual rent; or\n\n(iii) if the term exceeds ten years, a duty equal to 20% of the average\nannual rent.\n\nFor the purpose of paragraph (c), the average rent shall, for the purpose\nof calculating duty, if a rent at other than market value is provided in the\ninstrument of lease, be declared at the market value having regard to any\npremium charged.\nFor the purpose of this head of duty, the market value of rent is the estimated amount for\nwhich the property should let on the date of valuation between a willing lessor and a\nwilling lessee on appropriate lease terms in an arm\u2019s-length transaction after proper\nmarketing wherein the parties had acted knowledgeably, prudently and without\ncompulsion.\nIn calculating the length of a term for the purpose of this head of duty, the term shall be\ndeemed to cover any period by which, by the exercise of an option or other arrangement\nor device, the lessee or his assigns may have power to extend the said term.\nWhere in any term a possible increase of future rent is left to be settled by any agreement\nwith or without arbitration, the instrument of lease shall, when such increase of rent has\n\nSCHEDULE\nStamp Duty Law (2019 Revision)\n\nPage 30\nRevised as at 1st January, 2019\nc\n\nbeen ascertained be stamped up with the balance of duty which would have been payable\nhad the actual average rent for the whole of the term been ascertainable at the\ncommencement thereof; but until such increase has been ascertained the average annual\nrent shall be calculated without allowance for such increase:\nProvided that, in any case where it is apparent that such possible increase of future rent\ncannot be less than a certain amount, then without prejudice to the obligation to stamp up\nthe instrument of lease with the balance of duty after the average annual future rent has\nbeen ascertained, such minimum future rent shall be included in the calculation of the\nactual average rent for the whole of the term when duty is first calculated on the\ninstrument of lease.\nProvided further that no duty shall be payable under this head where the immovable\nproperty or the interest therein is situated outside the Islands.\nMORTGAGE, being a security by way of a mortgage for the payment of any definite\nsum of money advanced or lent at the time or previously due and owing, or forborne to be\npaid, being payable or for the repayment of money to be thereafter lent, advanced or paid\nor which may become due upon a current account, together with any sum already\nadvanced or due or without, as the case may be, howsoever the instrument creating the\nsame may be described \u2014\n(a)\nbeing a debenture or a legal or equitable mortgage or charge of\nimmovable property \u2014\n\n(i) where the sum secured is $300,000 or less-1% of the sum secured;\nor\n\n(ii) where the sum secured is more than $300,000 whether initially or\nafter further advance-1.5% of the sum secured:\n(b) being a legal or equitable mortgage or charge of movable property of\nmovable property (not including a debenture but including a bill of sale)-\n1.5% of the sum secured;\nProvided that \u2014\n\n(i) no duty shall be payable under subparagraphs (a) and (b) where the\nproperty is situated outside the Islands; and\n\n(ii) in the case of a legal or equitable mortgage or charge granted by an\nexempted company, an ordinary non-resident company (as defined\nin the Companies Law (2018 Revision)) an exempted trust (as\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 31\n\ndefined in the Trusts Law (2018 Revision)) or a body corporate\nincorporated outside the Islands of moveable property situated in\nthe Islands or over shares in such exempted company or an ordinary\nnon-resident company, the maximum duty payable shall be five\nhundred dollars; and\n(c)\nbeing a collateral, auxiliary, additional or substituted security by way of\nfurther assurance where the principal or primary security under paragraph\n(a) has been duly stamped- $50\n(d) being a Release of Mortgage of immovable property whether by way of\ntransfer, surrender, discharge or other instrument howsoever called\u2014$50\nWhere the amount of money to be advanced on the security of any property by way of\nmortgage is unlimited, the security is to be available for such an amount as the ad\nvalorem duty paid thereon extends to cover, and if any advance is made in excess of the\namount covered by that duty, the security shall, for the purpose of stamp duty, be deemed\nto be a new and separate instrument bearing the date on which the additional advance is\nmade, but the original instrument may be stamped-up with the additional ad valorem duty\nrequired to cover the total amount then to be secured and in that case the date of such\nstamping-up shall be recorded accordingly. These same provisions for stamping-up shall\napply in the same manner to any variation of a mortgage securing a fixed amount of\nmoney.\nPARTNERSHIP\non every deed or agreement of partnership\n\n $50\non every rectification of a deed or agreement of partnership\n\n $20\nPLEDGE (see Mortgage)\nPOLICY OF INSURANCE other than life insurance and\nproperty insurance\n$12 for each new or\nRenewed policy of\ninsurance other\nthan life insurance\nFor the purposes of this charge to duty, \u201cpolicy of insurance\u201d includes every writing\nwhereby any contract of insurance is made or agreed to be made.\nPOLICY OF LIFE ASSURANCE\n\n(1) For the purposes of his charge to duty, \u201cpolicy of life insurance\u201d means a\npolicy of insurance upon a life or lives but does not include a policy of\n\nSCHEDULE\nStamp Duty Law (2019 Revision)\n\nPage 32\nRevised as at 1st January, 2019\nc\n\ninsurance for a payment agreed to be made on the death of a person only from\naccident or violence or otherwise than from a natural cause.\n\n(2) Where the sum insured under a policy of life insurance \u2014\n(a)\ndoes not exceed $1,000, there shall be charged duty on the policy of $25;\n(b) exceeds $1,000, there shall be charged duty on the policy of whichever is\nthe greater of $25 or 0.01% up to a maximum of $200 upon the amount\ninsured calculated without bonus.\n\n(3) Where a policy of life insurance is certified as being issued by an exempted\ncompany which only undertakes business of a class which requires the\ncompany to hold an unrestricted Class \u201cB\u201d Insurer\u2019s licence granted under the\nInsurance Law, 2010 [Law 32 of 2010] and issued by a company, the\nmaximum duty payable on that policy shall be $100.\nPOLICY OF PROPERTY INSURANCE\n2% of the cost of\nnew or renewed\nproperty insurance\npremiums\nFor the purposes of this charge to duty \u2014\n(a)\n\u201cPolicy of property insurance\u201d includes every writing whereby any\ncontract of property insurance is made or agreed to be made; and\n(b) \u201cproperty\u201d means immovable property in the Islands.\nPOWER OF APPOINTMENT (see Appointment)\nPOWER OF ATTORNEY (see Attorney)\nPROBATE AND ADMINISTRATION\non every grant of Probate or Letters of Administration $10\non every oath or affirmation of an executor, administrator or\nattesting witness $1.50\non every inventory and affidavit 50 cents\nPROMISSORY NOTE (see Bill of Exchange)\nRECEIPTS\nBank receipts for withdrawal from funds on deposit 25 cents\n\nStamp Duty Law (2019 Revision)\nSCHEDULE\n\nc\nRevised as at 1st January, 2019\nPage 33\n\nRELEASE OR RENUNCIATION of any property (not otherwise provided for) $6\n (see also Conveyance and Mortgage)\nREPORTS BY SHIPS inwards and outwards under the Customs Law (2017 Revision) $2\nSETTLEMENT or declaration of trust of or concerning any property by any writing (not\nbeing a will, or an instrument chargeable with ad valorem duty)\n\n $40\nTRANSFER (see Conveyance)\nATTESTED COPIES, CERTIFIED COPIES, COUNTERPARTS AND DUPLICATES\nused for the purpose of proving any original instrument stamped under this Law\n(counterparts and duplicates require also to be denoted under section 17) $2\nWITHDRAWAL OF CAUTION\n $50\n\nPublication in consolidated and revised form authorised by the Governor in Cabinet\nthis 12th day of February, 2019.\nKim Bullings\nClerk of Cabinet\n\nStamp Duty Law (2019 Revision)\nENDNOTES\n\nc\nRevised as at 1st January, 2019\nPage 35\n\nENDNOTES\nTable of Legislation History:\n\nSL #\nLaw #\nLegislation\nCommencement\nGazette\n\n43\/2018 Stamp Duty (Amendment) Law, 2018\n19-Dec-18\nGE97\/2018\/s17\n\n Stamp Duty Law (2013 Revision)\n21-Oct-13\nG21\/2013\/s13\n\n33\/2012 Stamp Duty (Amendment) Law, 2012\n11-Dec-12\nGE123\/2012\/s6\n\n Stamp Duty Law (2011 Revision)\n21-Nov-11\nG24\/2011\/s11\n52\/2009\n Stamp Duty Regulations, 2009\n31-Dec-09\nGE93\/2009\/s1\n\n22\/2009 Stamp Duty (Amendment) Law, 2009\n6-Nov-09\nG1\/2010\/s4\n26\/2009\n\nCayman Islands Proclamation 4 of 2009 -\nCommencement of CI Constitution Order, 2009\n23-Oct-09\nGE69\/2009\/p7\n\n11\/2009\nStamp Duty (Amendment) (Temporary Provisions)\nLaw, 2009\n1-Apr-09\nGE21\/2009\/s2\nE3\/2011\n Erratum: The Stamp Duty Law (2010 Revision)\n22-Nov-10\nG3\/2011\/p308\n\n Stamp Duty Law (2010 Revision)\n22-Nov-10\nG24\/2010\/s10\n32\/2003\n Stamp Duty Regulations (No. 2), 2003\n13-Nov-03\nG25\/2003\/s5\n\n Stamp Duty Law (2007 Revision)\n20-Aug-07\nG17\/2007\/s7\n30\/2006\n Stamp Duty (Rates of Duty) (No.2) Regulations, 2006\n29-Dec-06\nGE28\/2006\/s1\n31\/2006\n Stamp Duty Order, 2006\n18-Sep-06\nG19\/2006\/s1\n29\/2006\n Stamp Duty (Rates of Duty) Regulations, 2006\n1-Jul-06\nGE13\/2006\/s1\n33\/2003\n Stamp Duty Regulations, 2003\n13-May-03\nGE20\/2003\/s3\n\n Stamp Duty Law (2005 Revision)\n5-Sep-05\nG18\/2005\/s5\n28\/2004\n Stamp Duty Regulations, 2004\n13-Nov-03\nG18\/2004\/s4\n\n Stamp Duty Law (2003 Revision)\n28-Jul-03\nG15\/2003\/s11\n\n21\/2002 Stamp Duty (Amendment) Law, 2002\n28-Jan-03\nGE5\/2003\/s3\n\n37\/2001 Stamp Duty (Amendment) (No.3) Law, 2001\n8-Jan-02\nGE3\/2002\/s3\n\n32\/2001\nStamp Duty (Amendment) (Temporary Provisions)\nLaw, 2001\n14-Nov-01\nGE28\/2001\/s3\n\n24\/2001 Stamp Duty (Amendment) (No.2) Law, 2001\n12-Dec-01\nGE30\/2001\/s3\n\n13\/2001 Stamp Duty (Amendment) Law, 2001\n1-Jun-01\nGE11\/2000\/s17\n\n Stamp Duty Law (2001 Revision)\n26-Feb-01\nG5\/2001\/s10\n\n7\/2000 Electronic Transactions Law, 2000\n11-Sep-00\nG19\/2001\/s2\n\n22\/1999\nStamp Duty (Amendment) (Insurance Policies) Law,\n1999\n10-Apr-00\nG8\/2000\/s3\n\nENDNOTES\nStamp Duty Law (2019 Revision)\n\nPage 36\nRevised as at 1st January, 2019\nc\n\nSL #\nLaw #\nLegislation\nCommencement\nGazette\n\n12\/1998\nStamp Duty (Amendment) (Agreements &\nAssignments) Law, 1998\n\n Stamp Duty Law (1998 Revision)\n2-Mar-98\nG5\/1998\/s7\n\n13\/1997 Stamp Duty (Amendment) Law, 1997\n\nG19\/1997\/s11\n\n4\/1997\nMiscellaneous Provisions (Fees & Duties) (Temporary)\nLaw, 1997\n22-Apr-97\nGE4\/1997\/s2\n\n Stamp Duty Law (1995 Revision)\n29-May-95\nG11\/1995\/s4\n\n34\/1993 Stamp Duty (Amendment) Law, 1993\n\nGEDec14\/1993\/s11\n\n11\/1990 Stamp Duty (Amendment) Law, 1990\n\n7\/1990 Miscellaneous Duties & Fees Law, 1990\n\n17\/1985 Stamp Duty (Amendment) Law, 1985\n\nG14\/1985\/s9\n\n21\/1984 Stamp Duty (Amendment) Law, 1984\n\nG22\/1984\/s4\n\n21\/1977 Stamp Duty (Amendment) Law, 1977\n\nG24\/1977\/s4\n\n5\/1973 Stamp Duty Law, 1973\n\nG5\/1973\/s7\n\n(Price: $6.40)","akn_extracted_at":"2026-06-22 15:37:37.91365+00","cms_id":"1973-0005","law_type":"principal","year":"1973","number":"5","title":"Stamp Duty Act","status":"in_force"},"provenance":{"files":[{"file_id":"5121","expr_id":"252","kind":"akn_xml","filename":"1973-0005_2019 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1973\/1973-0005\/1973-0005_2019 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