Exemption 23 under the Stamps Act 1958 (Vic) requires a rigorous factual inquiry into all relevant circumstances, not merely the terms of the deed of change of trustee. Where a change of trustee is part of a pre-planned series of steps implementing a sale transaction, the transfers will not be treated as made 'solely in consequence of' the change of trustee. For stamp duty valuation purposes, a transfer of the fee simple estate conveys the full estate including the beneficial interest, even where the transferee's equitable interest was already vested under a constructive trust; the value is not reduced to nil or nominal on the basis that only a 'bare legal title' was transferred.
The full text is available to signed-in members, including the 14 later cases that cite this judgment.