57Transfers back from trustee

57 Transfers back from trustee (1) If— (a) dutiable property that was transferred to a person to be held by that person as trustee for the transferor is transferred back to the transferor by the trustee for no consideration; and (b) no person other than the transferor has had a beneficial interest in the dutiable property (other than the trustee’s right of indemnity) between its transfer to the trustee and its transfer back to the transferor; duty under this chapter is not payable in relation to the transfer of the dutiable property back to the transferor. (2) If duty is not payable under subsection (1) on the transfer of dutiable property back from the trustee to the transferor— (a) duty is not payable in relation to the initial transfer from the transferor to the trustee; and (b) the commissioner must reassess the initial transfer and refund any duty paid on application for a refund made within 5 years after the initial assessment, or 12 months after the transfer back to the transferor, whichever is later. trustee includes a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees.