17Decision on application

17 Decision on application

17 Decision on application

(1) The Chief Commissioner must approve an application to subject transferred land to property tax if the Chief Commissioner is satisfied—

(a) the application is made in accordance with this Act, and

(b) if the application relates to an agreement for sale or transfer—the transfer will conform or substantially conform with the agreement, and

(c) if applicable, the residence requirement in section 15 will be satisfied.

(2) For this section, a transfer substantially conforms with an agreement for sale or transfer if—

(a) the transfer would be in conformity with the agreement if the transferee, or a trustee transferee, was the purchaser under the agreement, and

(b) the transfer occurs at the same time as, or proximately with, the settlement of the agreement, and

(c) at the time the agreement was entered into, and at the settlement of the agreement—

(i) the purchaser under the agreement, other than a purchaser who purchased as a trustee, and the transferee under the transfer were related persons, or

(ii) if the purchaser purchased as a trustee—the purchaser and the beneficiary were related persons.

(3) In this section—

related person means an individual who is a related person within the meaning of the Duties Act 1997.

transfer does not include an agreement for sale or transfer.

transferee does not include a purchaser.