43Transfer of land subject to property tax—transferor not included owner

43 Transfer of land subject to property tax—transferor not included owner

43 Transfer of land subject to property tax—transferor not included owner

(1) For a transfer of land subject to property tax from a transferor who is not an included owner—

(a) if the transferee is already an included owner of the land—

(i) duty is not chargeable on the transaction, and

(ii) the land remains subject to property tax with the proportion subject to property tax being increased by the proportion of the land transferred, or

(b) if the transferee is not already an included owner of the land—

(i) duty is chargeable on the transaction, and

(ii) the land remains subject to property tax with the proportion subject to property tax being unchanged.

(2) The regulations may prescribe exceptions to this section.