S.L. 123.89 Art. 8Intention to transfer trusts. Cap. 123. Cap. 331

(1) Where a person intends to transfer assets referred to in article 5(1)(a)(i) and (ii) of the Income Tax Act, which transfer constitutes a settlement of property on trust or a distribution or reversion of property settled on trust, and no tax is payable on such transfer in accordance with any of the relevant provisions of article 5(18), (21), (22) and (24) of the Income Tax Act, such person may make and submit a declaration in duplicate to the Commissioner on Form Trusts 06 contained in Schedule 6 not later than seven days prior to the said transfer. This form shall be signed by all the persons making the transfer and must be signed by at least one person that is either the trustee of the relevant trust provided that such trustee is authorised to act as trustee in terms of article 43 and 43A of the Trusts and Trustees Act, or an advocate or a notary. A copy of a duly filled in Form Trusts 06 that is stamped as received by the Commissioner, shall constitute sufficient evidence to the relevant notary for the non-payment of provisional tax in relation to such transfer. A copy of the said stamped Form Trusts 06 that is presented to the relevant notary shall be annexed to the relevant instrument of transfer of assets.

(2) The Commissioner shall retain all the relevant powers conferred by the Income Tax Acts concerning the transfer of assets referred to in the Form Trusts 06, even after having stamped such Form as received.