7 Aug 2018
EASY PARK LIMITED v COMMISSIONER OF INLAND REVENUE [2018] NZCA 296
- Citation
- [2018] NZCA 296
- Court
- Court of Appeal
The Court held the lease surrender payment was revenue in Easy Park's hands because Easy Park's sole business was commercial leasing, the payment compensated for lost rent and was an ordinary incident of that business, the lease did not constitute a separate capital asset of the landlord distinct from the freehold purchase, and the termination did not change the landlord's profit-making structure.