34Property vested in an apparent purchaser

34 Property vested in an apparent purchaser

S. 34(1)(a) amended by No. 30/2002 s. 7(2)(a)(i).

(a) a declaration of trust made by an apparent purchaser in respect of identified dutiable property or marketable securities referred to in section 10(2)—

S. 34(1)(a)(i) amended by No. 30/2002 s. 7(2)(a)(ii).

(i) vested in the apparent purchaser upon trust for the real purchaser who provided the money for the purchase of the dutiable property or marketable securities; or

S. 34(1)(a)(ii) amended by No. 30/2002 s. 7(2)(a)(ii).

(ii) to be vested in the apparent purchaser upon trust for the real purchaser, if the Commissioner is satisfied that the money for the purchase of the dutiable property or marketable securities has been or will be provided by the real purchaser; or

S. 34(1)(b) substituted by No. 30/2002 s. 7(2)(b).

(b) a transfer of dutiable property or marketable securities referred to in section 10(2) from an apparent purchaser to the real purchaser in a case where dutiable property or marketable securities are vested in an apparent purchaser upon trust for the real purchaser who provided the money for the purchase of the dutiable property or marketable securities.

S. 34(1A) inserted by No. 22/2018 s. 10(1).

(1A) In addition, no duty is chargeable under this Chapter as follows—

(a) if a declaration of trust is made by anapparent purchaser in respect of identified dutiable property or marketable securities referred to in section 10(2) and—

(i) a real purchaser has provided less than 100% of the money for the purchase of the dutiable property or marketable securities (a real purchaser's contribution)—to the extent that the declaration of trust vested in the apparent purchaser on trust for the real purchaser the dutiable property or marketable securities in proportion to the real purchaser's contribution; or

(ii) the Commissioner is satisfied that a real purchaser has provided or will provide less than 100% of the money for the purchase of the dutiable property or marketable securities (a real purchaser's contribution)—to the extent that the declaration of trust will vest in the apparent purchaser on trust for the real purchaser the dutiable property or marketable securities in proportion to the real purchaser's contribution;

(b) if there is a transfer of dutiable property or marketable securities referred to in section 10(2) from an apparent purchaser to a real purchaser and the real purchaser has provided less than 100% of the money for the purchase of the dutiable property or marketable securities (a )—to the extent that the dutiable property or marketable securities are vested in the apparent purchaser on trust in proportion to the real purchaser's contribution.