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Since 1 July 2008 duty is not payable on transactions comprising only:
When a transaction includes a combination of items, those subject to duty and those not, calculation of duty will exclude non-dutiable items.
Following the abolition of duty on non-real business assets, the transfer of fishing licences is only subject to duty where it is transferred together with dutiable items.
Will I have to pay duty when I purchase a commercial fishing business?
No – provided that all of the assets acquired fall into the following categories:
If items of dutiable property are acquired (see section 9(1) of the Duties Act 2001 ), duty will be payable on the total value of the plant and equipment and all other items of dutiable property acquired.