18Land subject to property tax if application approved

18 Land subject to property tax if application approved

18 Land subject to property tax if application approved

(1) If an application to subject transferred land to property tax is approved by the Chief Commissioner—

(a) on the transfer of the land—each eligible transferee becomes an included owner, other than an eligible transferee who is a beneficiary under an approved trust, in which case the trustee transferee becomes the included owner, and

(b) on the transfer of the land—the proportion of the transferred land owned by included owners becomes subject to property tax, and

(c) on the giving of the approval—the duty chargeable on the transfer is reduced by the proportion referred to in paragraph (b).

Note—

If the proportion of the transferred land owned by included owners is 100%, the transfer is exempt from duty under the Duties Act 1997, Chapter 2.

(2) Duty chargeable on the transfer is payable only by the transferees who are not eligible transferees.

(3) If only a proportion of land is subject to property tax, the land may be referred to as hybrid land.