When the land which is not subject to land value increment tax pursuant to Article 28-3 has the title transferred, Dien created, or is changed to self-owned land of trustee pursuant to Paragraph 1, Article 35 of the Trust Act, the original decreed land value or the latest approved declared transfer value of the land prior to its first non-taxable status shall be used as its original land value for calculation of the total incremental value and imposition of land value increment tax. But in the case that meets the proviso in Paragraph 2 or 3 of Article 39, the original land value shall be determined accordingly.

In a testamentary trust where land is the trust property, when the land becomes subject to land value increment tax according to the preceding paragraph, its original land value shall be the assessed present value at the time of death of the legator.

Transfer of self-owned land for trust and the trust deed stipulates the beneficiary of trust property to be the settlor and to have interest in the entire trust, if the beneficiary of a trust dies during the life of the trust, when the land becomes subject to land value increment tax according to the first paragraph hereof, its original land value shall be the assessed present value at the time of death of the beneficiary;  however, in case the settlor is discovered to have improperly evaded or reduced the tax burden for him or for other person(s) by the trust deed transfer, the forepart provision does not apply.

If the land subject to land value increment tax as described in the first paragraph hereof has the situation where the settlor or trustee had paid improvement expenses or supplemental land value tax as described respectively in Subparagraph 2 of Paragraph 1 or Paragraph 3 of Article 31 hereof prior to the creation of trust or during the life of the trust, the deductions provided in the same article are applicable; the trustee in the second and third paragraph hereof had paid the preceding expenses and the land value tax after the death of the legator or the beneficiary, the deductions provided in the same particle are applicable.

At the effective date of the amendment of this Act on July 1, 2015, the preceding two paragraphs shall be applicable to the cases not currently being assessed or pending final decision.