Bermuda To Remedy Land Tax Law Error
by Mike Godfrey, Lowtax.net, Washington
22 January, 2016
Bermuda's Deputy Premier and Minister of Finance, Edward Richards, will take action to correct an error in the Land Tax Amendment Act 2015 which would have unintentionally impacted those senior citizens who are also land owners.
The Act was tabled on December 16, 2015, and stated an incorrect value for the maximum annual rental value (ARV) allowed for that income to fall under the exemption afforded to Bermudians 65 years and older.
The correct ARV limit for the seniors' exemption should be BMD42,000 (USD42,000), as opposed to the BMD29,000 limit that was provided for in the Act.
The Government said, based on the new land tax rates, which were also tabled in the amendment, the maximum dollar value of the exemption provided for seniors is BMD1,569 annually, which is in line with the previously exemption of BMD1,566.
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