Nominal duty is
chargeable on a transfer of, or an agreement for the transfer of, dutiable
property to a beneficiary of a discretionary trust in the exercise by the
trustee of a power of appointment over the property if —
(a)
there is, or will be, no consideration for the transfer or agreement; and
(b) the
beneficiary is an individual who does not intend to hold the property as
agent, trustee or otherwise on behalf of any other person; and
(c) at
the time when the trustee acquired the property the beneficiary was named or
described in the instrument which created the power of appointment as a
beneficiary or as a member of a class of beneficiaries in favour of which the
trustee was empowered by that instrument to appoint the property; and
(d)
evidence of the acquisition by the trustee, as trustee, of the property is
produced to the Commissioner.