s.3Returns, etc., of transfers to be delivered and tax payable
3
Section 3Part 0 —

Returns, etc., of transfers to be delivered and tax payable

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Within thirty-one days of any transfer of any equity capital of a land holding corporation such corporation shall deliver to the Minister charged with responsibility for Finance —
the instrument, if any, whereby such transfer is effected;
a return in the prescribed form containing the prescribed particulars relating to the corporation, its landed property, the transfer and connected matters; and
a sum for the benefit of the revenue —
equivalent to seven and one-half per cent of the consideration for or of the taxable value of the transfer whichever is greater in the case where fifty per cent or more of the market value of the landed property of the land holding corporation is situate in any of the following registration sections, blocks and parcels — Registration Section Block (A) West Bay 5C, (parcels with water frontage only, but including any parcel subsequently derived from another parcel with water frontage existing at the 9th June, 1997) 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 1st July, 2006), 12D, 12E, 17A. (B) 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; or
equivalent to —
seven and one half per cent of the taxable value of such transfer, if the transferee is a Caymanian; or
seven and one half per cent of the taxable value of such transfer, if the transferee is not a Caymanian,
For the purposes of subsection (1)(c)(ii), "Caymanian" means a person who possesses Caymanian status under the repealed Immigration Act (2015 Revision) or any earlier law providing for the same or similar rights, and includes a person who acquired that status under Part 5 of the Immigration (Transition) Act (2022 Revision);
For the purposes of this section, the taxable value of a transfer shall be a sum equivalent to the same proportion of the total market value of all the landed property of the relevant corporation at the time of the transfer as the nominal value of the share, or shares, to which the transfer relates bears to the nominal value of the whole of the issued equity capital of the corporation.
Where the Minister charged with responsibility for Finance is satisfied that there is a transfer of land holding to or from a land holding corporation and the 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 land holding corporation, then the Minister may, in the Minister's absolute discretion, abate the sum due and payable under the provisions of subsection (1)(c) by such percentage, not being a percentage greater than the aforementioned person or persons percentage holding in the said company, as the Minister shall think fit.

Cross References