What is the “unencumbered value” of dutiable property?
23 What is the “unencumbered value” of dutiable property?
The unencumbered value of dutiable property is the value of the property determined without regard to any encumbrance to which the property is subject.
The unencumbered value of the goodwill of a business is taken to include the value of any restraint of trade arrangement entered into by the vendor in order to protect the value of the goodwill.
If, before land is transferred to a transferee, the transferee has made improvements to the land, the unencumbered value of the land is to be determined as if those improvements had not been made.
Subsection (3) does not apply to improvements made to the land for or on behalf of the transferee by the transferor.
This Act’s bill:Explanatory memorandumSecond reading speech
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