11 Jun 2007
ACCENT MANAGEMENT LIMITED AND ORS V COMMISSIONER OF INLAND REVENUE CA CA21/05
- Citation
- openlaw-73ea2458_7761_4d98_84ac_323d211fe912.pdf
- Court
- Court of Appeal
The Court dismissed the appeal: although the CSI contracts met the legal form of insurance and the licence nominally constituted a depreciable 'right to use land', the overall Trinity scheme was a contrived, tax‑driven arrangement whose dominant purpose was obtaining immediate tax benefits; the general anti‑avoidance provisions applied, the 2047 insurance premium was accrual expenditure required to be spread, reconstruction of taxpayers' positions was appropriate and shortfall penalties for unacceptable and abusive tax positions were upheld (including as applied to LAQCs and their shareholder…