58Property passing to beneficiaries

58 Property passing to beneficiaries (1) Duty under this chapter is not payable in relation to a transfer for no consideration of dutiable property to a beneficiary made under and in conformity with the trusts contained in a declaration of trust.

(2) However, subsection (1) applies— (a) only to the extent that the property being transferred is property that the commissioner is satisfied is— (i) wholly or substantially the same as the dutiable property the subject of the declaration and that— (A) duty payable under this Act has been paid in relation to the declaration of trust over that property; or (B) duty is not payable under this Act in relation to the declaration of trust; or (ii) dutiable property representing the proceeds of reinvestment of property mentioned in paragraph (a); or (iii) property to which both paragraphs (a) and (b) apply; and (b) only if the commissioner is satisfied that the transferee was a beneficiary when the liability for duty in relation to the declaration of trust arose.