17 Mar 2003
ARROWTOWN ASSETS LTD v. THE COLLECTOR OF STAMP REVENUE
- Citation
- ARROWTOWN ASSETS LTD v. THE COLLECTOR OF STAMP REVENUE
- Court
- Court of Appeal
- Case number
- CACV118/2002
Majority held that the legal/contractual consideration for the assignment of the Development Land was the initial cash price and the contractual deferred consideration owed by Arrowtown (an associated company); obligations in the DC Agreement and the Shareholders Deed did not convert into consideration provided by an outsider (Calm Seas) for the land transfer; section 45(4)(a) and (5) therefore did not apply and the Ramsay principle could not be invoked to re‑characterise 'consideration' as a commercial aggregate overriding the statute's legal meaning; accordingly exemption under s45 applied…