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State of the Market

Errata  –  From time to time, we here at Property Guide are subject to the mercy of what is current and what is changing around us and the gaps in between. In light of that, we wanted to use our State of the Market to clarify a few points that have been brought to our attention. Whilst we strive to bring you the most accurate sources and reportage from our team of expert contributors, our expert readers sometimes catch our mistakes. I must add that I am delighted our readership is ever increasing.

In the article “The Process of Owning a Property” in the December/January issue of BVI Property Guide, we published the following statement:

“After each party has signed off on the sale agreement, the executed agreement is then forwarded to the inland revenue department for the assessment and payment of stamp duty. Stamp duty is assessed on the higher of the valuation amount or the purchase price. A valuation report, which would reflect the market value of the property, is therefore required. This would be submitted together with the Sale Agreement…” 

According to a letter received by Property Guide, the Commissioner of Inland Revenue has corrected our article with these details: “The document which is required to be submitted to the Inland Revenue for the assessment and payment of stamp duty is the Instrument of Transfer and not the Sale Agreement. Where required, the sale agreement is requested by the Inland Revenue Department; however, it is not and has never been stamped with stamp duty.”

 

Photos by Jon Osman.

On another note, my article on the Sugar Mill  in the December/January BVI Property Guide mentioned that Roger Downing and Partner Co. Ltd. architects were “commissioned to design the expansion of the hotel.” To be precise, Jon Osman was involved with the rebuilding and development of the property after Hurricane Hugo in 1989, and the Downing house have been involved with other designs and expansions. John kindly sent us some photos from yesteryear. We hope you enjoy them and get a chance to visit the historic resort in person.

 

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We appreciate the feedback from our readers and appreciate this opportunity to correct our errors. 

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