Real Property (Transfer Tax, Charging and Related Provisions) (Sark) (Amendment) Law, 2020

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PROJET DE LOI
ENTITLED
The Real Property (Transfer Tax, Charging and Related Provisions) (Amendment) (Sark) Law, 2020
THE Chief Pleas of Sark, in pursuance of their Resolutions of the 20th January, 2016 and the 19th November, 2020, have approved the following provisions which, subject to the Sanction of Her Most Excellent Majesty in Council, shall have force of law in Sark.
Amendment of 2007 Law.
1. The Real Property (Transfer Tax, Charging and Related Provisions) (Sark) Law, 2007[a] ("the Law") is amended as follows.
2. In section 1(2) of the Law, in the definition of "long leasehold interest" -
(a) for "a lease for a term certain" substitute "a lease granted, at its inception, for a term certain", and
(b) delete "but does not include a lease for which the principal consideration moving from the tenant is payment of a periodic rent at intervals of one year or less,".
3. In section 3 of the Law –
(c) for subsections (1) and (2) substitute –
"(1) Property transfer tax is payable in respect of every relevant property transaction (subject to subsection (1A)) at the rate of 4% of the value of that transaction.
(1A) Property transfer tax is not payable in respect of a long leasehold interest in real property which (having regard to any option to renew) has less than two years left to run.
(2) The value of a relevant property transaction is the total consideration (in money or money's worth) which has been paid or is payable by any party in accordance with its terms in respect of the grant or transfer concerned.
(2A) For the purposes of this Law, the total consideration payable in respect of the grant or transfer of a long leasehold interest in real property includes the total amount of any periodic rent payable during the term of the lease, or during the aggregate of two or more successive terms where the lease is renewable at the option of the tenant."
Citation.
4. This Law may be cited as the Real Property (Transfer Tax, Charging and Related Provisions) (Amendment) (Sark) Law, 2020.
Commencement.
5. This Law shall come into force on the day of its registration on the records of Sark.
[a]

Order in Council No. VI of 2008; amended by No. XXIII of 2010; No. VI of 2020.




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