The dutiable value of
a trust acquisition or trust surrender is —
(a) the
consideration for the acquisition or surrender so far as the consideration
relates to dutiable property —
(i)
held by the discretionary trust; or
(ii)
to which an entity linked to the trustee of the
discretionary trust is entitled;
or
(b) the
value of the taker in default’s interest in the discretionary trust at
the time when liability for duty on the transaction arises if —
(i)
there is no consideration for the acquisition or
surrender; or
(ii)
the consideration cannot be ascertained when liability
for duty on the transaction arises; or
(iii)
the value of the taker in default’s interest is
greater than the consideration for the acquisition or surrender.