Stamp duties - Deed of settlement establishing discretionary trust - Trust property comprised land purchased with proceeds of two loans - Duty assessed on supplemental deed altering destination of corpus of trust property in default of appointment - Ad valorem duty payable in respect of "unencumbered value of the property ... conveyed" - Identification of property conveyed - Whether duty payable on unencumbered value of assets which comprised the trust fund or amount which took into account vicissitudes inherent under the deed of settlement.
Trusts and trustees - Nature of trustee's right of exoneration and recoupment - Whether trustee's right constitutes beneficial interest in trust assets - Whether trustee's right an encumbrance on the interests of beneficiaries conveyed which is to be disregarded for purposes of s 66(1) of the Stamp Duties Act 1920 (NSW).
Stamp Duties Act 1920 (NSW), ss 65, 66.