Meaning of no consideration dutiable transaction
29 Meaning of no consideration dutiable transaction
For the purposes of this Part, a dutiable transaction relating to land is a no consideration dutiable transaction if—
the transaction is a transaction relating to WGT land for which there is no consideration; and
the transferee under the transaction makes an election under subsection (2).
The transferee may elect to assume the liability to pay the whole of the deferred windfall gains tax and any accrued interest payable under this Part by making the election to the Commissioner in a form approved by the Commissioner.
An election under subsection (2) must be made on or before the date of completion of the dutiable transaction.
On completion of the dutiable transaction and acceptance by the Commissioner of an election under subsection (2)—
the transferee becomes liable to pay the whole of the deferred windfall gains tax and any accrued interest payable under this Part; and
the liability of the transferor to pay the deferred windfall gains tax and any accrued interest payable under this Part is extinguished.
In this section—
consideration has the same meaning as in section 32A of the Duties Act 2000.
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