Formula for dutiable value
DV = dutiable value.
A = is the value of the partnership interest, or so much of the consideration for the dutiable transaction as relates to the partnership interest, whichever is the greater
X = the unencumbered value of all dutiable property of the partnership
Y = the unencumbered value of all assets of the partnership.
Where the assets of the partnership include land, and duty is paid separately on the transfer of the land, "X" is to be reduced by the unencumbered value of the interest in the land transferred.
Note: Financial statements and capital accounts of the partnership must be lodged with the document or a valuation of the business.
Last updated: 09-May-2008
