23What is the “unencumbered value” of dutiable property?

#### 23 What is the “unencumbered value” of dutiable property? 23 What is the “unencumbered value” of dutiable property? > > (1) The unencumbered value of dutiable property is the value of the property determined without regard to any encumbrance to which the property is subject. > > > (2) 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. > > > (3) 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. > > > (4) Subsection (3) does not apply to improvements made to the land for or on behalf of the transferee by the transferor. > > **s 23:** Am 2006 No 51, Sch 1 \[1\].