23Arrangements that reduce the dutiable value of marketable securities

23 Arrangements that reduce the dutiable value of marketable securities (1) In computing for the purposes of this Chapter the unencumbered value of any marketable securities of a company, the Commissioner may include the value of any assets formerly owned or controlled by the company if— (a) those assets were transferred to the ownership or control of the transferee of the marketable securities or to an associated person of the transferee before the transfer of the marketable securities; and (b) those assets are necessary for the continuing operation of the company after the transfer of the marketable securities; and (c) the value of the marketable securities was reduced following the transfer of ownership or control of assets because the proceeds of that transfer were not retained by the company. (2) In determining whether assets are necessary for the continuing operation of a company the Commissioner may take into account— (a) whether or not the assets were removed from the company's premises after the transfer of ownership or control; (b) whether or not the assets continued to be used by the company under an arrangement with the transferee. (3) This section does not apply if the Commissioner is satisfied that the transfer of ownership or control of assets— (a) was part of the normal business operations of the transferee; or (b) was not part of a scheme or arrangement devised for the principal purpose of minimising duty chargeable under this Chapter on the transfer of marketable securities.