11—Separate assessment of trust land
Where a person is the owner of land as trustee of a trust (other than a trust
arising because of a contract to purchase or acquire an estate or interest in
the land), the trustee is to be assessed for land tax on the whole of the land
subject to the trust as if the land were the only land owned by the trustee.
Note—
This means that where an interest in land is held on trust (other than a trust
arising because of a contract to purchase or acquire an estate or interest in
the land) and the trustee is the taxpayer for the land, the taxable value of
the interest in land—
• will be
aggregated with the taxable value of other land subject to the same trust; but
• will not be
aggregated with the taxable value of other land owned by the same taxpayer and
not subject to the same trust.