Where a custodian holds legal title to property on behalf of the responsible entity of a managed investment scheme, the termination of the custody agreement and transfer of legal title to the responsible entity may constitute a 'change in trustees' of the pre-existing scheme trust exempt from duty under s 33(3) of the Duties Act 2000 (Vic), provided the transfer is independent of any underlying commercial transaction. If duty is payable, the dutiable value of a transfer of bare legal title from a custodian-trustee to the scheme trustee is nil where the equitable interest has been separated out and held by the scheme trustee.
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