Leases

(1) There shall be paid on every letting of land– (a) in the case of a weekly or monthly tenancy, or for any definite and limited term not longer than one year– (i) of a dwelling house or part of a dwelling house at a rent not exceeding the rate of ninety-six dollars per annum, a duty of...... $0.15 or 37 (ii) in every other case-if not under seal, a duty of...................................... $0.75 if under seal, a duty of ............ $12.00; or (b) in the case of any other tenancy or term– (i) where the consideration or any part of the consideration given or at any time to be given for the lease consists of a premium in money or money’s worth not being a rent in respect of such premium, the same duty as on a conveyance on sale for the same amount or value; or (ii) where the consideration or any part of the consideration for the lease is a rent in respect of such consideration, if the rent, whether reserved as a yearly rent or otherwise, is at a rate or average rate per annum1 1The table of the rates indicated in this paragraph was prescribed by Act No. 8 of 1978. 38 [CAP. 64 If the term exceeds 1 year but does not exceed 7 years If the term exceeds 7 years but does not exceed 30 years If the term exceeds 30 years but does not exceed 99 years If the term exceeds 99 years or is indefinite Not exceeding $25----------$0.75 Exceeding $25 but not exceeding $50---------------$1.50 Exceeding $50 for each sum of $50 or part thereof---------------$1.50 $2.25 $4.50 $3.00 $4.50 $3.00 $6.00 $4.50 $3.00 $6.00 (c) in the case of a tenancy of or permission to occupy land solely for planting or agricultural purposes for a definite and limited term not longer than one year, for which the total amount or value of the consideration given or at any time to be given does not exceed twenty-five dollars, a duty of ................ $0.15; or (d) in any case not otherwise chargeable under this section– (i) if not under seal, a duty of ........ $0.75 or (ii) if under seal, a duty of ............ $12.00 (2) A lease by the Crown or the Government is exempt from any stamp duty imposed by this Act. (3) In this section “lease” includes an agreement for a lease and a permission to occupy land. 39