Duty on Documents and Transfers Act (Cap. 364), article 32B

32B. (1) Notwithstanding any other provisions of this Act, no duty shall be chargeable on any t ransfer of immovable property or any real right over an immovable property: (a) by a settlor to the trustees of a trust of which the settlor is the sole beneficiary and where the settlor has an irrevocable vested right to receive the trust property; (b) by a settlor to the trustees of a trust created for the purpose of a designated commercial transaction; (c) by a settlor to the trustees of a trust created for the purpose of a commercial transaction not being a designated commercial transaction but which has been approved by the Commissioner for the purposes of this paragraph; (d) between trustees consequent to a change in the trustees (whether by addition, substitution or otherwise) holding the immovable property upon trust provided that no beneficial interest in the trust is also transferred upon such change in trustees; (e) by trustees to the settlor where the trust property reverts back to the settlor; and DUTY ON DOCUMENTS AND TRANSFERS [CAP. 364. 21 (f) by trustees to a beneficiary of the trust where duty has been previously charged on the initial transfer by the settlor to the trustees in a ccordance with article 32(1); provided that duty shall be chargeable in relation to any increase in value between the date of the initial transfer to the trustees and the subsequent distribution to the beneficiaries: Provided that in all cases the t rust must be e stablished or evidenced by means of a written instrument. Cap. 331. For the purposes of this sub-article, "designated commercial transactions" means the custody of investment instruments, the establishment or holding of real or personal security interests (including hypothecs, privileges, pledges and guarantees), and any other comme rcial transaction which may be prescribed, while "commercial tr ansaction" shall have the meani ng assigned to it in article 2 of the Trusts and Trustees Act . (2) Where a beneficiary under a trust for immovable property assigns or otherwise transfers inter vivos to a third party his beneficial interest in such trust, such a transfer shall be dee med to constitute a transfer for the purposes of this Act, and the tra nsfer value shall be deemed to be the amount limited to that part of the value of the immovable property which is proportionate to the value of the beneficial interest transferred by such beneficiar y. (3) The provisions of sub- article (2) shall apply mutatis mutandis in those cases when there is any change in beneficiary, including a disclaimer or renunciation whether in full or in pa rt of a beneficiary’s entitlement under a trust: Provided that where the Comm issioner is satisfied that an irrevocable disclaimer of a benef icial interest was not effecte d with the sole or main purpose of avoiding, reducing or postponing liability to duty, he may at his discretion order in writing th at the provisions of this sub-article shall not apply to such a discla imer and that no duty shall be chargeable. Transfers by a gratuitous title. Added by: XXXII. 2007.71. Amended by: L.N. 105 of 2008. Substituted by: III. 2013.33. Amended by: XV . 2016.67; XVIII.2021.29.