T&T Stamp Duty Rates
In accordance with the Stamp Duty Legislation in Trinidad & Tobago, a number of documents require stamping. Some of these include: Deeds of Conveyance; Deeds of Gift; Deeds of Mortgage; Release of Mortgage Loan; Release of Life Insurance Policies; Powers of Attorney; Transfer of Shares; Deeds of Lease; Deed Polls; Bonds – Performance and other wise; Deeds of any other kind.
The government of Trinidad & Tobago announced that as of January 1st 2019, first-time home owners will benefit from an amendment to the Residential Stamp Duty threshold from $850,000 to $1,500,000 TT Dollars. This translates to a direct saving of $37,000 on closing costs.
The Stamp Duty Section
Inland Revenue Division
Ground Floor, Edward Street
Port of Spain
South Regional Office
Tobago Regional Office
STAMPING OF DOCUMENTS
All documents to be stamped are provided by the individual. Requisition Forms which are to be completed are available at the Stamp Duty Section.
Payments can be made by certified cheques, cash and LINX (Debit Card drawn on a T&T bank account).
Individuals should seek assessment of documents for stamping from the staff at the stamp duty section prior to completion of payment cheques.
Deed of Conveyance or Gift
This deed is used where residential property changes ownership. Residential Property is deemed to be land upon which a house has been built and used wholly or mainly for residential purposes.
Residential Property Rates
With effect 01/01/07 property valued at $450,000 is exempted from stamp duty. Property valued at $350,000 is exempted from stamp duty up to 2006.
Where consideration or value is over $450,000 stamp duty is computed as follows:
5% on the first $100,000
7.5% on the next $100,000; and
There are no exemptions on Non-Residential Conveyances e.g. land only.
The rates applicable are:
2% up to $300,000
5% over $300,000 and up to $400,000
7% over $400,000.
Non-Residential Rates (Commercial & Agricultural)
Non-Residential Transfers refer to commercial and agricultural properties. The stamp duty payable is:
|Up to||$300,000.00 TT||2%|
|Next||$100,000.00 TT||5% on the full amount|
|Over||$400,000.00 TT||7% on the full amount|
Once the appropriate stamp duty has been paid, as certified by an embossed stamp affixed by the Board of Inland Revenue, the original
transfer documents are lodged with the Registrar General’s Department and a registered copy will be delivered to the Purchaser as proof of his ownership of the land. The registration fee payable for the old law system is typically TT$100.00 and TT$50.00 for the R.P.A. system.
Deed of Residential Mortgage
This deed is used in the purchase and/or construction of a residential property. Property valued up to $315,000 are exempt from stamp duty.
Where the value exceeds $315,000 stamp duty is payable on the full amount at the rate of 50¢ for every $250.00 or part thereof.
Performance Bonds are stamped at the rate of 50¢ for every $250.00 or part thereof.
The stamp duty on an Estate Bond is at the fixed rate of $10.00
The stamp duty on a Tender bond is at the fixed rate of $25.00
Transfer of Shares
When shares are being transferred the Company’s Auditor must be provide a Valuation Report.
The stamp duty charged is the greater of – 5% of the value of the shares transferred or 5% of the consideration given, where the company is registered on the Stock Exchange. Where the company is not registered on the stock exchange, the stamp duty charged is the greater of – $5.00 per $1000. of the consideration given or $5.00 per $1000 of the value of the shares transferred.