Bill coming to Parliament to widen Deed of Gift net

If the Government of St Vincent and the Grenadines gets its way the categories of persons to whom Deeds of Gift could be passed onto without attracting Stamp Duties will be widened.

Speaking on NBC Radio’s Eyeing La Soufriere programme this morning, Prime Minister Dr. the Hon. Ralph Gonsalves said the new law to govern this process will be introduced to the Parliament on Thursday July 8th, 2021.

If this is passed in the House, it will widen the net to include the transfer of property between siblings, right down to Grand Parents and Grand Children.

The Prime Minister pointed out that the law was changed in the past and was limited only to parents and children because of the leakage in revenue for the government due to ineffective checks and balances.

However, he says the system now in place is more effective and the categories are being extended and would provide even greater relief considering the current circumstances.

By News784

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