(a) the consideration
under the agreement is reduced and the reduced consideration is not less than
the unencumbered value of the dutiable property when the consideration was
reduced, or
(b) the consideration under the agreement is reduced because the
parties have agreed not to transfer some of the dutiable property previously
agreed to be transferred and the reduced consideration is not less than the
unencumbered value of the dutiable property that remained to be transferred
when the consideration was reduced, or
(c) the consideration under the
agreement is increased and the dutiable value when the consideration was
increased is greater than the dutiable value when the agreement was entered
into,
the Chief Commissioner must assess or reassess the liability to duty of
the agreement in accordance with the change in the consideration.
(2) The
liability to pay additional duty arising from an increase in the consideration
occurs on the date the consideration is agreed to be increased.
(3) The
amount of duty assessed or reassessed in accordance with this section must be
calculated at the rate applicable under this chapter when the agreement for
the sale or transfer was first executed.
