4Excluded transactions

4 Excluded transactions

4 Excluded transactions

(1) For the Act, section 8(3) definition of excluded transaction, paragraph (k), the following transactions are prescribed—

(a) a change in default beneficial interests under a discretionary trust, including the following—

(i) a change to the default beneficial interests of the default beneficiaries,

(ii) the addition or removal of a default beneficiary,

(b) a change in beneficial ownership of dutiable property that occurs—

(i) under a testamentary instrument or the laws of intestacy, or

(ii) otherwise by operation of law on the death of a person,

(c) the grant or termination of a life estate in dutiable property for no consideration,

(d) the variation or surrender of an easement for no consideration,

(e) the grant, creation, variation or extinguishment of a mortgage, charge or other security over land,

(f) the creation, variation or surrender, for no consideration, of a tenant’s interest in fixtures that are fit-out for commercial premises,

(g) a change in tenancy under a lease for no consideration,

(h) a change, for no consideration, in the holding of property—

(i) from joint tenants to tenants in common in equal shares, or

(ii) from tenants in common in equal shares to joint tenants,

(i) the grant, variation, cessation, revocation or cancellation of a water right,

(j) the expiry, extinguishment or merger of one or more leases for no consideration,

(k) the variation or extinguishment of a profit a prendre for no consideration,

(l) the surrender of a security interest for no consideration,

(m) a transaction that results in an increase in a person’s interest in dutiable property under an agreement, relating to the dutiable property, entered into between the person and the State under a shared equity scheme,