Cap. 364 чл. 32BSpecial rules applicable to trusts.

(1) Notwithstanding any other provisions of this Act, no duty shall be chargeable on any transfer 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

(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 accordance 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 trust must be established or evidenced by means of a written instrument. 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 commercial transaction which may be prescribed, while "commercial transaction" shall have the meaning 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 deemed to constitute a transfer for the purposes of this Act, and the transfer 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 beneficiary.

(3) The provisions of sub-article (2) shall apply mutatis in those cases when there is any change in beneficiary, mutandis including a disclaimer or renunciation whether in full or in part of a beneficiary’s entitlement under a trust:

Provided that where the Commissioner is satisfied that an irrevocable disclaimer of a beneficial interest was not effected with the sole or main purpose of avoiding, reducing or postponing liability to duty, he may at his discretion order in writing that the provisions of this sub-article shall not apply to such a disclaimer and that no duty shall be chargeable.