4 Dec 2003
THE COLLECTOR OF STAMP REVENUE v. ARROWTOWN ASSETS LTD
- Citation
- THE COLLECTOR OF STAMP REVENUE v. ARROWTOWN ASSETS LTD
- Court
- Court of Final Appeal
- Case number
- FACV4/2003
Applying the Ramsay purposive approach the court held the non-voting shares were created and issued solely to secure stamp duty relief and had no genuine commercial purpose; they therefore should be disregarded in calculating issued share capital under s.45(2), so the Memorandum was not relieved and is chargeable to stamp duty; additionally the Collector's arguments on outsider provision of consideration and s.45(5) were rejected on the facts but the core decisive ground was disregard of the artificially created shares.