PC (New Zealand) An accountant arranged a scheme which purported to return the applicants’ entire income without deduction of tax as a return of capital. The revenue sought to treat it as tax avoidance.
Held: This was a paradigm of the kind of scheme sought to be prevented by the Act. Appeal dismissed.
[2001] UKPC 17
PC, Bailii
England and Wales
Citing:
Cited – MacNiven (Inspector of Taxes) v Westmoreland Investments Ltd HL 15-Feb-2001
The fact that a payment of interest was made only to create a tax advantage did not prevent its being properly claimed. Interest was paid for the purposes of setting it against tax, when the debt was discharged. A company with substantial losses had . .
Cited – Challenge Corporation Ltd v Commissioner of Inland Revenue PC 1987
(New Zealand) . .
Lists of cited by and citing cases may be incomplete.
Updated: 19 August 2021; Ref: scu.163285 br>