Queensland Trustees Ltd v Commissioner of Stamp Duties (Qld) [1956] HCA 75

96 C.L.R.] OF AUSTRALIA. 131

(HIGH COURT OF AUSTRALIA.]

QUEENSLAND TRUSTEES LIMITED eee ere OTHERS . ; i : z PETITIONERS,

AND

COMMISSIONER OF STAMP DUTIES (Q.) - ResPonDENT. RESPONDENT,

ON APPEAL FROM THE SUPREME COURT OF QUEENSLAND.

Succession Duty (Q.)—Will—Testator with dominant shareholding in company— ¥.C. or A. Land owned by company—Direction to trustees to procure winding-up of company 1956. and vesting of land in themselves upon trust for testator's sons upon trusts Se. declared—Vesting of land in trustees by nomination—Assessment of duty on BRISBANE, nomination as settlement—Subsequent claim on vesting of property in bene- July 25;

ficiaries to duty as a succession—Issue-estoppel—The Succession and Probate

SypyEy, Duties Acts 1892 to 1952 (Q.), 8. 4. i 3 'A testator who was a dominant shareholder in a company, by his will, |. —> 5

ixon O..,

directed his trustees after his death to wind up the company and in thewinding- "MeTiernan, ebb,

up to provide for the distribution amongst its members of its assets in specie, Kitto and particularly certain specified land under The Real Property Acts 1861 to 1929 CEG Gh (Q.) owned by the company and on the distribution to vest such land in his trustees to hold and stand possessed thereof upon trust to manage it for a period of sixteen years from the date of his death or until his elder son should attain the age of fifty years whichever event should first happen and to divide the net income arising therefrom equally between his two sons, and thereafter to stand possessed of the said land upon trust for such sons absolutely in equal shares as tenants in common. On the death of the testator the course directed by him as to the winding-up of the company was duly followed by his trustees and the specified land was transferred by the liquidator of the company to the trustees by means of a nomination of trustees under s. 77 of The Real Property Acts 1861 to 1929 (Q.) with a schedule of trusts which were the same as the trusts of the will relating to the specified land except that the actual date of the death of the testator was substituted as the commence- ment of the period of sixteen years referred to in those trusts. The Commis- sioner of Stamp Duties (Q.) assessed the nomination of trustees and schedule