46DLand tax for beneficiary/trustees

46D Land tax for beneficiary/trustees (1) For the purposes of this Act— S. 46D(1)(a) amended by No. 76/2012 s. 17. (a) a person who holds a beneficial interest in land subject to a fixed trust in respect of which a notice is in force under section 46B (***the first trust***) as trustee of another trust (***the second trust***) is deemed, for the purposes of this Act other than Division 1 of Part 4, to be the owner of land subject to the first trust that bears the same proportion to the whole of the land subject to the first trust as the person's beneficial interest in the land subject to the first trust bears to the total beneficial interests in land subject to the first trust; (b) a person who holds units in a unit trust scheme in respect of which a notice is in force under section 46C (***the first scheme***) as trustee of another trust (***the second trust***) is deemed, for the purposes of this Act other than Division 1 of Part 4, to be the owner of land subject to the first scheme that bears the same proportion to the whole of the land subject to the first scheme as the person's unitholding in the first scheme bears to the total unitholdings in the first scheme. (2) For the purposes of this section, a person referred to in subsection (1) is called a ***beneficiary/trustee***. (3) There is to be deducted from any land tax payable by a beneficiary/trustee on land that is subject to the second trust an amount (if any) necessary to avoid double taxation, being the lesser of— (a) the proportion of the beneficiary/trustee's beneficial interest in land subject to the first trust to the total beneficial interests in land subject to the first trust; or (b) the proportion of the beneficiary/trustee's unitholding in the first scheme to the total unitholdings in the first scheme; B is the total amount of tax assessed on the trustee of the first trust or the first scheme on the whole of the land subject to the first trust or first scheme; and C is the taxable value of the land of which the beneficiary/trustee is deemed by subsection (1) to be the owner; E is the amount of tax assessed under this Act on the beneficiary/trustee in respect of all taxable land owned by the beneficiary/trustee that is subject to the second trust. S. 46E (Heading) amended by No. 40/2014 s. 18(1). S. 46E inserted by No. 85/2005 s. 27, amended by No. 40/2014 s. 18(2).