45Exception—transfer to related person

45 Exception—transfer to related person

45 Exception—transfer to related person

(1) This section applies to a transfer of land from an included owner of land to a person who is not an included owner of the land if—

(a) the included owner and the person are related persons, and

(b) the duty that would be chargeable under the transaction is less than the general rate of duty chargeable under the Duties Act 1997, section 32.

(2) No duty is chargeable on the transfer.

(3) The related person becomes an included owner.

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

(5) This section does not apply to a transfer as a result of—

(a) the death of the included owner, or

(b) the break down of the included owner’s marriage or de facto relationship.

(6) In this section—

related person has the same meaning as in the Duties Act 1997.