Dutiable transactions on which nominal duty is chargeable prescribed (Act s. 140)
4B Dutiable transactions on which nominal duty is chargeable prescribed (Act s. 140)
In this regulation —
lot has the meaning given in the Land Tax Assessment Act 2002 Glossary clause 2(1);
timber sharefarming profit à prendre has the meaning given in regulation 4A(1).
For the purposes of section 140 of the Act, the acquisition of new dutiable property by the creation of a timber sharefarming profit à prendre (the new profit à prendre) is prescribed as a dutiable transaction on which nominal duty is chargeable if —
the new profit à prendre is created to replace another timber sharefarming profit à prendre (the old profit à prendre) that has been surrendered for no consideration; and
the old profit à prendre was registered under the Transfer of Land Act 1893 in relation to the whole of a lot, but the benefit of the old profit à prendre was in relation to a portion of the lot only; and
the new profit à prendre is created in relation to that portion of the lot only; and
the person or persons who had the benefit of the old profit à prendre are the same as the persons acquiring the benefit of the new profit à prendre; and
there is no consideration, or agreement for consideration, for the acquisition.
[Regulation 4B inserted: Gazette 8 Oct 2019 p. 3619‑20.]
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