§ 23 — Transfer of deferred liability

23.—(1) A taxable person whose liability to pay any land betterment charge is reduced by or under a deferment determination (called in this section the transferor) may transfer the whole of the person’s deferred liability to another person (called in this section the transferee) with the approval of the Authority.(2) To obtain the approval of the Authority under subsection (1), the transferor must give the Authority a deferred liability transfer notice —(a)

in writing and in a form required by the Authority;

(b)

identifying the transferee to whom the deferred liability to pay the land betterment charge is being transferred, accompanied by the consent of the transferee; and

(c)

including any other particulars prescribed in order for the Authority to make a decision under this section.

(3) A transferee is deemed to have assumed a transferor’s deferred liability to pay a land betterment charge on the day on which the Authority approves the transferor’s application under subsection (1).

(4) If the Authority approves a transfer of deferred liability, the Authority must give a copy of the approval to the transferee concerned, accompanied by the relevant deferment determination setting out the details of the deferred liability transferred.

—(1) A taxable person whose liability to pay any land betterment charge is reduced by or under a deferment determination (called in this section the transferor) may transfer the whole of the person’s deferred liability to another person (called in this section the transferee) with the approval of the Authority.

(2) To obtain the approval of the Authority under subsection (1), the transferor must give the Authority a deferred liability transfer notice —(a)

in writing and in a form required by the Authority;

(b)

identifying the transferee to whom the deferred liability to pay the land betterment charge is being transferred, accompanied by the consent of the transferee; and

(c)

including any other particulars prescribed in order for the Authority to make a decision under this section.

(3) A transferee is deemed to have assumed a transferor’s deferred liability to pay a land betterment charge on the day on which the Authority approves the transferor’s application under subsection (1).

(4) If the Authority approves a transfer of deferred liability, the Authority must give a copy of the approval to the transferee concerned, accompanied by the relevant deferment determination setting out the details of the deferred liability transferred.