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DUTIES ACT 1997 - SECT 158A
Constructive ownership of land holdings and other property through linked entities
158A Constructive ownership of land holdings and other property through linked
entities
(1) In addition to any interest in land or other property that it may hold in
its own right, a unit trust scheme, private company or listed company is
taken, for the purposes of this Chapter, to hold an interest in land or other
property held by a linked entity of the unit trust scheme or company.
(2) The
value, for duty purposes, of the interest in property that the unit trust
scheme or company is taken, by this section, to hold because of a holding by a
linked entity of the unit trust scheme or company is that portion of the
interest's unencumbered value to which the unit trust scheme or company would
be entitled (without regard to any liabilities of the linked entity or any
other entity in the chain) in the event of a distribution of all the property
of each entity in the chain.
(3) For the purposes of this section-- (a) a
trust is taken to hold an interest in property, as a linked entity of a
principal entity, if a trustee of the trust holds the property in its capacity
as a trustee, and
(b) a partnership or other unincorporated body is taken to
hold property, as a linked entity of a principal entity, if a member of the
partnership or other unincorporated body holds the property as a member of the
partnership or the other unincorporated body.
(4) If a person holds property
as a trustee, custodian or sub-custodian in relation to 2 or more trusts the
person is to be treated as a separate person in relation to each of those
trusts and the property held under each trust is to be treated as a separate
property holding.
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