44Transfer of land subject to property tax—transferor included owner

44 Transfer of land subject to property tax—transferor included owner

44 Transfer of land subject to property tax—transferor included owner

(1) For a transfer involving land subject to property tax from a transferor who is 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 unchanged, or

(b) if the transferee is not already an included owner of the land and each current included owner will no longer be an included owner of the land after the transaction—

(i) duty is chargeable on the transaction, and

(ii) the land ceases to be subject to property tax, or

(c) if the transferee is not already an included owner of the land and a current included owner will be an included owner of the land after the transaction—

(i) duty is chargeable on the transaction, and

(ii) the land remains subject to property tax with the proportion subject to property tax being the lesser of—

(A) the proportion of the land subject to property tax before the transaction, or

(B) the proportion of the land owned by included owners after the transaction.

(2) Sections 45 and 46 create exceptions to this section.

(3) The regulations may prescribe other exceptions to this section.