97Transfer of principal place of residence by special trust to beneficiary etc

#### 97 Transfer of principal place of residence by special trust to beneficiary etc 97 Transfer of principal place of residence by special trust to beneficiary etc > A transfer of land subject to a special trust is eligible for exemption under this Division if— > > > (a) the land was subject to the special trust on 11 September 1990, and > > > (b) the transferee or each of the transferees was— > > > > > (i) the settler of the land or the person who actually paid the purchase money for the land when the land was acquired by the trustee under the trust, or > > > > > (ii) a beneficiary of the special trust immediately before the transfer took effect and a beneficiary of the trust when the land was acquired by the trustee under the trust, or > > > > > (iii) the spouse of a person referred to in subparagraph (i) or (ii), and > > > (c) the transferee or each of the transferees will hold the land beneficially, and > > > (d) had the transferee or each of the transferees been an owner of the land within the meaning of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026) on 31 December that last preceded the date of the transfer, the land transferred would, by the operation of section 10 (1) (r) of the [Land Tax Management Act 1956](/view/html/inforce/current/act-1956-026), be exempt from land tax in respect of the year in which the transfer took effect. > > **s 97:** Am 1998 No 44, Sch 1 \[15\]; 1998 No 79, Sch 2.1 \[2\]; 2004 No 33, Sch 3.1 \[2\].