William’s mum received a gift of $100,000 (from her first cousin) when William was 12 years of age. The gift was accompanied by a signed letter stating the gift was:
to be applied for the benefit of William until he reaches the age of 21 years, as [William’s mum] sees
William’s mum immediately decided to invest the money on William’s behalf by purchasing Ivanhoe
Manor, and she signed a document with her solicitor at the time of purchase declaring the true facts.
The land was eventually registered in her name.
Explain and advise William’s mum of the likelihood of stamp duty being attracted under the Duties Act 2000 (Vie.) by her transferring the land from her name into William’s name. Assume Ivanhoe Manor was purchased for $100,000 nine years ago and is now valued at $1,000,000.