108Person liable to pay call option assignment duty

#### 108 Person liable to pay call option assignment duty 108 Person liable to pay call option assignment duty > > (1) The call option assignment duty chargeable on a call option assignment is payable by the person who assigns the right under the call option to require another person to sell dutiable property (the option holder). > > > (2) Accordingly, the option holder is taken, for the purpose of charging duty under Chapter 2, to be the transferee of the dutiable property. > > > (3) The call option assignment duty payable by the option holder is additional to the duty (if any) payable under Chapter 2 by a transferee on the transfer of an option to purchase land in New South Wales. > > > (4) However, the call option assignment duty payable by the option holder as a consequence of this Part is to be reduced by the amount of duty (if any) paid by the option holder under Chapter 2 on the transfer of the call option to the option holder. > > > (5) (Repealed) > > Note. > > The following is an example of how this Part operates— > > B grants A a call option that confers a right on A (or any assignee of A) to require B to sell land. A also grants B a put option that confers on B a right to require A (or any assignee of A) to purchase the land from B. A must pay duty on the dutiable value of the option, as determined under Chapter 2 > > A then transfers the call option to C. Duty is payable as follows— > > > (a) A (as the option holder) must pay call option assignment duty, as a consequence of this Part, as if the transfer of the option were a transfer of the land. Duty is payable on the dutiable value of the land (determined as provided for by this Part), > > > (b) C (as the transferee of the option) must pay duty under Chapter 2 on the transfer of the option. Duty is payable on the dutiable value of the option (determined as provided for by Chapter 2). > > C then transfers the option to D. C (as the option holder) is required to pay call option assignment duty as if the option were a transfer of the land. However, in this case C will receive a credit for the duty paid by C on the transfer of the option to C. D (as the transferee of the option) is required to pay duty under Chapter 2 on the transfer. > > **s 108:** Am 1998 No 44, Sch 1 \[17\]; 1998 No 54, Sch 2.10 \[4\]. Subst 2003 No 79, Sch 1 \[1\]. Am 2004 No 33, Sch 5.1 \[1\]. Rep 2004 No 96, Sch 1 \[3\]. Ins 2005 No 51, Sch 1 \[14\]. Am 2006 No 87, Sch 1 \[10\] \[11\]; 2010 No 46, Sch 1.3 \[22\]; 2016 No 32, Sch 1 \[22\]–\[24\]; 2022 No 59, Sch 1.11\[2\].