TCI government recovers $9.29M in stamp duty fraud

| 02/02/2012

private_islands.jpg(CNS): The government of Turks and Caicos has been awarded a judgment of $9.29 million involving the Emerald Cay private island property, following a ruling by Chief Justice Edwin Goldsborough on Wednesday. The court ruled that Tim Blixseth, helped conceal the true value of the retreat and underpaid stamp duty on the deal. Attorney General Huw Shepheard said the judgment against Emerald Cay Ltd. and Worldwide Commercial Properties Ltd. replaces an interim award of $1.25 million because of stiffer penalties.

"We are delighted to have obtained this judgment, which underlines the commitment the government has to ensuring stamp duty is paid, and to pursue those who do avoid stamp duty," he said.

The TCI interim government said the defendants paid $28 million for Emerald Cay while land transfer documents recorded the sale at only $10 million. It accused them of conspiring to avoid paying $2.73 million.

According to a report on Bloomberg Blixseth lawyer Michael Flynn contends that it was the seller who was at fault.

The Emerald Cay property has a nine-bedroom mansion with man-made sandy beach, several docks and a retractable bridge linking it with the island of Providenciales.

 

Print Friendly, PDF & Email

Category: World News

About the Author ()

Comments (11)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    What’s the big deal. Stamp duty fraud is so acceptable here even lawyers assist in it.

  2. Cheese Face says:

    Used to be on the market for 75. Looks so much nicer then the box on south sound for 60.

  3. Anonymous says:

    On sale now for $48,500,000USD

    It's got a retractable bridge!

  4. B.B.L. Brown says:

    So they've been awarded a judgement of $9,290,000.  So when do they get it?  I expect very little of the money will ever make it to the government coffers.

    • Anonymous says:

      Interesting point, stamp duty should also be recalculated on current value (which could go either way). Maybe we should go this route with Michael Ryan to collect the duty he hasn't paid on the Ritz? Surely, defaulting on duty payments should also be a serious offence.

  5. Anonymous says:

    It was the seller’s fault and the dog ate my homework!

  6. Anonymous says:

    They should have spoken to Mr. Dart…. He knows how to avoid paying stamp duty.

  7. Anonymous says:

    Here it comes…, wait for it…

    • Kung Fu Iguana says:

      What?  Whodatis moaning about imperialist oppression and Chagos Islanders?

    • Anonymous says:

      Send the light, oh, send it quickly, so we can all understand what it means to 'decieve'.