B.C. Reg. 58/2011 O.C. 107/2011 | Deposited March 25, 2011 effective April 1, 2011 |
Property Transfer Tax Act
Treaty First Nation Property Transfer Tax
Exemption Regulation
Definitions
1 In this regulation:
"Act" means the Property Transfer Tax Act;
"application" means an application to the registrar under the Land Title Act;
"effective date", in respect of a final agreement, means the date the final agreement comes into effect in accordance with its terms.
Return exemptions
2 The following persons are exempt in relation to the specified transaction from the requirement under section 2 (1) (b) of the Act to file a return:
(a) a treaty first nation, and any other person, in respect of an application, made on the effective date of the treaty first nation's final agreement, for registration of a taxable transaction for which the treaty first nation or other person is exempt from taxation under that final agreement or section 2.2 (2) of the Act;
(b) a person, other than a member of the treaty first nation, in respect of an application, made on the effective date of the treaty first nation's final agreement, for registration of a leasehold interest in the treaty first nation's treaty lands, which interest is provided under the final agreement to replace a leasehold interest in those lands held by the person before the effective date.
Property transfer tax exemption
3 A person referred to in section 2 (b) is exempt from tax in relation to the taxable transaction for which the person is exempt under that section from the requirement to file a return.
[Provisions relevant to the enactment of this regulation: Property Transfer Tax Act, R.S.B.C. 1996, c. 378, section 37 (2) (b).]
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