(b) if the unit trust scheme is in a chain of trusts and is not an ultimate trust, an amount determined by the formula— where— D is the absentee proportion of interests in all land subject to the scheme; E is the taxable value of all land subject to the scheme. (1B) A person who is the owner of land as trustee of an S. 46IA(1B) inserted by absentee trust that is a discretionary trust is liable No. 67/2017 for land tax determined at the applicable rate set s. 16(1). out in Part 5 of Schedule 1. (2) The trustee is to be assessed for land tax on the whole of the land subject to the absentee trust as if the land were the only land owned by the trustee for the purposes of— (a) the variable "B" in the formula in S. 46IA(2)(a) amended by subsections (1) and (1A); and No. 67/2017 s. 16(2)(a). (b) subsection (1B). S. 46IA(2)(b) substituted by No. 67/2017 s. 16(2)(b). (3) This section does not apply to— (a) land subject to an excluded trust; or (b) land subject to an administration trust; or (c) child maintenance land. (4) This section is subject to sections 46IB, 46IC and 46IE.
(b) if the unit trust scheme is in a chain of trusts and is not an ultimate trust, an amount determined by the formula— where— D is the absentee proportion of interests in all land subject to the scheme; E is the taxable value of all land subject to the scheme. S. 46IA(1B) inserted by No. 67/2017 s. 16(1). (1B) A person who is the owner of land as trustee of an absentee trust that is a discretionary trust is liable for land tax determined at the applicable rate set out in Part 5 of Schedule 1. (2) The trustee is to be assessed for land tax on the whole of the land subject to the absentee trust as if the land were the only land owned by the trustee for the purposes of— S. 46IA(2)(a) amended by No. 67/2017 s. 16(2)(a). (a) the variable "B" in the formula in subsections (1) and (1A); and S. 46IA(2)(b) substituted by No. 67/2017 s. 16(2)(b). (b) subsection (1B). (3) This section does not apply to— (a) land subject to an excluded trust; or (b) land subject to an administration trust; or (c) child maintenance land. (4) This section is subject to sections 46IB, 46IC and 46IE.
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