sales and instead hike the licence fee non-Bermudians must pay when they buy luxury homes.

The Stamp Duties Amendment (No. 3) Act 1995, which was passed yesterday, repealed the controversial Budget provision to levy a 10 percent tax on the sale of foreign-owned homes. The tax was to be applied to the difference between the purchase and sale prices.

In its place, MPs passed the Government Fees Amendment (No. 2) Regulations 1995. It increases the