This Act amends the Land Tax Act 1967 in sections 2 and 3a and the table in the Schedule, which sets out the rate of land tax on private dwellings and qualifying criteria for a valuation unit, which is exempted from tax.
Bermuda was first settled in 1609 by shipwrecked English colonists heading for Virginia. Self-governing since 1620, Bermuda is the oldest and most populous of the British overseas territories. Vacationing to the island to escape North American winters first developed in Victorian times. Tourism continues to be important to the island's economy, although international business has overtaken it in recent years. Bermuda has also developed into a highly successful offshore financial center. A referendum on independence from the UK was soundly defeated in 1995.