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Land Transfer Tax
Land transfer tax is imposed on the acquisition of an interest in land by registered conveyance or unregistered disposition.
Every person obtaining an interest in land is liable to land transfer tax. The tax is calculated on the value of the consideration for the transfer. In certain circumstances the Land Transfer Tax Act (Act) deems the value of the consideration to be the fair market value of the land.
The Act defines land to include the land itself, buildings, estates, options, leasehold interests and fixtures.
Reporting & Remitting Tax
Land Transfer Tax is payable at the time the conveyance is submitted for registration electronically or to a Land Registry Office.
For an unregistered disposition of a beneficial interest in land, the return and tax payable are required to be delivered to the Ministry of Finance by the thirtieth day after the date of the disposition.
The Land Transfer Tax Act and its regulations provide for various exemptions and deferrals of tax.
Land transfer tax is imposed on the acquisition of an interest in land by registered conveyance or unregistered disposition.
Every person obtaining an interest in land is liable to land transfer tax. The tax is calculated on the value of the consideration for the transfer. In certain circumstances the Land Transfer Tax Act (Act) deems the value of the consideration to be the fair market value of the land.
The Act defines land to include the land itself, buildings, estates, options, leasehold interests and fixtures.
Reporting & Remitting Tax
Land Transfer Tax is payable at the time the conveyance is submitted for registration electronically or to a Land Registry Office.
For an unregistered disposition of a beneficial interest in land, the return and tax payable are required to be delivered to the Ministry of Finance by the thirtieth day after the date of the disposition.
The Land Transfer Tax Act and its regulations provide for various exemptions and deferrals of tax.
