Exemption—transactions made to return ch 3 property held by trustee
115HG Exemption—transactions made to return ch 3 property held by trustee
This section applies if—
a chapter 3 property was transferred from a person (the transferor) to another person to be held by the other person as trustee for the transferor; and
the property is transferred back to the transferor by the trustee for no consideration (the chapter 3 transaction).
The commissioner must exempt the chapter 3 transaction from duty if satisfied that, while the trustee was holding the property for the transferor, the transferor was the only person with a beneficial interest in the property.
In this section:
beneficial interest does not include a trustee’s right of indemnity.
trustee includes a trustee appointed—
in substitution for a trustee; and
in addition to a trustee.
This Act’s bill:Explanatory statementSecond reading speech
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