(1) Nominal duty is
chargeable on a transfer of, or an agreement for the transfer of, dutiable
property by the trustee of a trust, other than a unit trust scheme or a
discretionary trust, to a beneficiary of the trust if —
(a)
there is no consideration for the transfer or agreement; and
(b) the
transfer, or agreement, is under and in conformity with the trusts contained
in the declaration of trust.
(2) Subsection (1)
applies only if the property the subject of the agreement or transfer is
—
(a)
wholly or substantially the same as the property the subject of the
declaration of trust and the declaration of trust is —
(i)
duty endorsed; or
(ii)
an exempt transaction;
or
(b)
dutiable property representing the proceeds of re-investment of property
referred to in paragraph (a); or
(c)
property to which both paragraphs (a) and (b) apply.
(3) Subsection (1)
does not apply to a subsequent transfer to which section 118(1) applies.
[Section 116 amended: No. 12 of 2019 s. 44.]