s.2Definitions
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Section 2Part 0 —

Definitions

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In this Law — “adjudicator” means the adjudicator of stamp duty appointed under section 8; “banker” means a banker licensed as such under any law; “Commissioner” means the Commissioner for stamp duty collection appointed under section 4; “connected person” includes — (a) in the case of an individual, a relative or a person with whom the individual contracts to provide building services to a third party on behalf of the individual; (b) if the person is a director or a shareholder of a company or partner of a firm, another director or shareholder of that company or another partner of that firm or a relative of any of them; (c) if the person is a beneficiary, member, trustee, director, officer or employee of any legal entity (other than a company, partnership or firm), another beneficiary, member, trustee, director, officer or employee of any legal entity (other than a company, partnership or firm) or a relative of any of them; (d) if the person is a company — (i) companies and groups of companies who are connected in business; or (ii) companies and groups of companies who have the same or some of the same directors or shareholders or the same or some of the same persons connected with such directors or shareholders; (e) if the person is a partnership or firm — (i) a partnership or firm and groups of partnerships or firms who are connected in business; or (ii) partnerships or firms and groups of partnerships or firms who have the same or some of the same partners, or the same or some of the same persons connected with such partners; and (f) if the person is a legal entity other than a company, partnership or firm — (i) a legal entity and groups of legal entities who are connected in business; or (ii) legal entities and groups of legal entities who have the same or some of the same beneficiaries, members, trustees, directors, officers or employees or the same or some of the same persons connected to such beneficiaries, members, trustees, directors, officers or employees; “consideration” has the same meaning as that ascribed to it under the heading “Conveyance or transfer” in the Schedule; “Conveyance or transfer” has the same meaning as that ascribed to it under that heading in the Schedule; “development scheme” means — (a) a scheme — (i) to develop land by a seller (“the developer”) where bare land is sold by that developer to any person (“the buyer”); and (ii) there is a building agreement or any other similar agreement between the developer and the buyer that the developer or a a connected person of the developer will develop that bare land into a house, strata condominium or other building for that buyer or a connected person of that buyer; or (b) a scheme where there is planning approval relating to land for the construction of buildings; “duty” means any stamp duty chargeable under this Law; “electronic record” has the same meaning as given in section 2 of the Electronic Transactions Law (2003 Revision); “executed” and its cognates means, with reference to any instrument, that it is sealed or signed, or sealed and signed, in such manner as to render such instrument a lawful obligation by the person by, or on whose behalf, such instrument is so sealed, signed, or sealed and signed; “exempted company” has the meaning ascribed to it in the Companies Law (2018 Revision); “instrument” includes every written document and electronic record; “linked property transaction” means — (a) there are more than one transaction relating to the conveyancing and transfer of immovable property; (b) the transactions are between the same buyer and seller (“the developer”) or between their connected persons; (c) payment on each transaction can be made in one payment or divided into two or more payments; and (d) the transactions are part of a single arrangement or development scheme or part of a series of transactions; “material” includes any material upon which words or figures can be expressed; “Minister of Finance” means the Minister charged with responsibility for finance under section 54 of Schedule 2 to the Cayman Islands Constitution Order 2009. “planning permission” means permission granted under section 15 of the Development and Planning Law (2017 Revision); “premium” in respect of an assignment means the amount howsoever paid to the assignor by the assignee for the benefit of the agreement (disregarding sums payable prior to the date of such assignment in accordance with such agreement or by way of reimbursement of such sums); “recording” and its cognates means recording under the Public Recorder Law (2010 Revision); “registering” and its cognates has reference to registration under any requirement of any law whereby any instrument or event is required to be registered in any public office; “relative” in relation to a person, means a person’s husband, wife, brother, sister, uncle, aunt, nephew, niece or other lineal ancestor or descendant, step- child or adopted child; “stamp” means a stamp authorised by the Governor under this Law or the Postal Law (1997 Revision) which is either — (a) a stamp impressed by means of a die; (b) an adhesive stamp; or (c) a stamp printed by a lawfully operated postal franking machine; and “stamped”, with reference to any instrument or material, has reference to any instrument or material upon which a stamp has been impressed, affixed or printed.

Defined Terms

adjudicatorbankerCommissionerconnected personconsiderationConveyance or transferdevelopment schemedutyelectronic recordexecutedexempted companyinstrumentlinked property transactionmaterialMinister of Financeplanning permissionpremiumrecordingregisteringrelativestampstamped

Cross References