Bermuda Consolidated Legislation

BERMUDA
1966 : 41

EXEMPTED UNDERTAKINGS TAX PROTECTION ACT 1966

ARRANGEMENT OF SECTIONS

1 Interpretation

2 Minister may give assur ance

3 Application to residents of Bermuda

4 Repeal [omitted]

[29 March 1966]

[preamble and words of enactment omitted]

Interpretation

1 In this Act—

"exempted undertaking" means —

(a) an exempted undertaking within section 127 of the Companies Act 1981 [title 17 item 5]; or

(b) an exempted partnership within section 2 of the Ex empted Partnerships Act 1992 [title 17 item 26]; or

(c) an exempted unit trust scheme;

"exempted unit trust scheme" means an arrangement made for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities whereby those persons may participate as beneficiaries under a non-resident trust in profits or income arising from the acquisi tion, holding, management or disposal of any property what soever;

"Minister" means the Minister of Finance.

"non-resident trust" means a trust of which the trustee has been designated under the Exchange Control Regulations 1973 [title 16 item 1(a)] as not resident in Bermuda;

[section 1 amended by 1992 : 66 effective 8 August 1992]

Minister may give assurance

2 (1) The Minister is hereby authorized to enter into an arrange ment with any exempted undertaking that shall make application to the Accountant-General therefor, whereby such undertakings may be given an assurance that, in the event of there being enacted in Bermuda any legislation imposing tax computed on profits or income or computed on any capital asset, gain or appreciation, then the imposition of any such tax shall not be applicable to such undertakings or to any of its opera tions.

(2) Any such arrangement as is referred to in subsection (1) may include an assurance that the aforesaid taxes, and any tax in the nature of estate duty or inheritance tax, shall not be applicable to the shares, debentures or other obligations of such undertaking.

(3) Any such assurance as aforesaid may be for any period not exceeding fifty years from 29 March 1966 and may be in such form as the Minister may determine.

Application to residents of Bermuda

3 In the event of the enactment of any legislation in Bermuda im posing any tax referred to in this Act, then nothing contained herein shall be construed so as to prevent the application of any such tax to such persons ordinarily resident in Bermuda to whom it is appropriate that such tax should be applied.

Repeal

4 [omitted]

 

1970 : 270
1971 : 83
1973 : 103
1987 : 17
1988 : 20
1992 : 66]