Global Daily Tax News, Bermuda Notes Stamp Duty Regime Overhaul, (Jun 21, 2024)

On June 20, the Bermudan Government highlighted recent changes to the territory's Stamp Duties Act.

The changes were included in the Stamp Duties Amendment Act 2023, which was approved by lawmakers in March 2024.

The legislation provides for an increase to the Stamp Duty Exemption threshold from BMD750,000 to BMD1m, and abolishes stamp duty fees for the transfer of mortgages between financial institutions, up to BMD1m.

Further, the bill establishes a new system of marginal rates.

The legislation has effect from April 1, 2023.