s. 46B (b) the trustee of the trust is to be assessed for land tax on the whole of the land subject to the trust at the applicable rate set out in Part 1 of Schedule 1, as if the land were the only land owned by the trustee. (5) There is to be deducted from the land tax payable by a beneficiary under subsection (4)(a) an amount (if any) necessary to avoid double taxation, being the lesser of— (a) the amount determined by the formula: where— A is the proportion of the beneficiary's beneficial interest in land subject to the trust to the total beneficial interests in land subject to the trust; B is the total amount of tax assessed on the trustee under subsection (4)(b); and (b) the amount determined by the formula: where— C is the taxable value of the land of which the beneficiary is deemed by subsection (4)(a) to be the owner; D is the total taxable value of all taxable land owned by the beneficiary; E is the amount of tax assessed on the beneficiary under subsection (4)(a). (6) For the purposes of this section, the trustee's right of indemnity from the trust property is taken not to be a beneficial interest in the land subject to the trust.
(b) the trustee of the trust is to be assessed for land tax on the whole of the land subject to the trust at the applicable rate set out in Part 1 of Schedule 1, as if the land were the only land owned by the trustee. (5) There is to be deducted from the land tax payable by a beneficiary under subsection (4)(a) an amount (if any) necessary to avoid double taxation, being the lesser of— (a) the amount determined by the formula: where— A is the proportion of the beneficiary's beneficial interest in land subject to the trust to the total beneficial interests in land subject to the trust; B is the total amount of tax assessed on the trustee under subsection (4)(b); and s. 46B (b) the amount determined by the formula: where— C is the taxable value of the land of which the beneficiary is deemed by subsection (4)(a) to be the owner; D is the total taxable value of all taxable land owned by the beneficiary; E is the amount of tax assessed on the beneficiary under subsection (4)(a). (6) For the purposes of this section, the trustee's right of indemnity from the trust property is taken not to be a beneficial interest in the land subject to the trust.