Occasionally, you may come across situation where you will enter into a transaction with a party that is related to you (personally and/or professionally).
We strongly advise you inform your legal advisor, prior to entering into any transaction, if you have a business or personal relationship with the other party or if the consideration for the sale and purchase is less than the market value at the time.
If so, this will have duty implications and the Office of State Revenue will require, for duty assessment purposes, a valuation of the property (or business as the case may be) using at least three comparable sales within the last three months. If applicable, these valuations must meet certain criteria and are required before duty being assessed and paid.
You should contact your legal advisor as soon as possible to discuss if you think the abovementioned may apply because failure to obtain the valuations can result in serious consequences for you, for example, the imposition of penalty duty and interest.