29Partitions

29 Partitions (1) For this section, a partition occurs when property (some or all of which is dutiable property) that is held by people jointly (as joint tenants or tenants in common) and beneficially is transferred or agreed to be transferred to 1 or more of those people. (2) For this section, section 15 and section 17, a partition is taken to be a single dutiable transaction. (3) The dutiable value of a partition (DV) is to be determined in accordance with the following formula: DV = A × X Y A means the sum of the amounts by which the unencumbered value of the property transferred or agreed to be transferred to a person exceeds the unencumbered value of the interest held by the person in that property immediately before the partition, or the sum of any consideration for the partition paid by any of the parties, whichever is the greater. X means the unencumbered value of all dutiable property the subject of the partition. Y means the unencumbered value of all property the subject of the partition. (4) Duty payable under this section is payable by the people making the partition or any 1 or more of them.