87How duty is charged on relevant acquisitions in public landholders—concessional rate

87 How duty is charged on relevant acquisitions in public landholders—concessional rate (1) Subject to section 88, duty chargeable on a relevant acquisition in a public landholder is 10% of the duty that would be chargeable, at the rate specified under this Act for a transfer of dutiable property, on a transfer of all the land holdings of the landholder in Victoria (calculated on the unencumbered value of the land holdings at the date of acquisition of the interest acquired). (2) Subsection (1) applies whether or not the acquisition amounts to a 100% interest in the landholder. (3) If duty is chargeable in respect of a relevant acquisition by a person in a public landholder, no duty is chargeable in respect of any further interest acquired by that person in that landholder. S. 87(3A) inserted by No. 26/2015 s. 23. (3A) Subsection (1) does not apply when determining the duty chargeable at the rate set out in section 28A. S. 87(3B) inserted by No. 38/2023 s. 11. (3B) Subsection (1) does not apply to a relevant acquisition in a public landholder that is also— (a) an eligible transaction to which section 250B applies; or (b) a relevant acquisition to which section 250DI applies. S. 87(4) amended by No. 16/2024 s. 40. (4) This section is subject to Divisions 3, 3A and 4 and sections 89B, 89C and 89X*.* S. 88 substituted by No. 38/2012 s. 5.