31 Oct 2007
ESTATE OF FRANK HILLYER KING AND ORS V COMMISSIONER OF INLAND REVENUE CA CA278/05
- Citation
- openlaw-f48e65e1_2fd7_437e_8596_83e7abc245a5.pdf
- Court
- Court of Appeal
The Court of Appeal restored the TRA's decision: on the facts and after detailed analysis the Kings' portfolio activity was investment, not a business under s65(2)(a) nor dealing in shares under the first limb of s65(2)(e); the second limb (acquisition for purpose of resale) was not established and required individual transaction findings which were not made; AMCE was correctly held to be a bare trustee so beneficial ownership resided with the Kings; the reassessments citing the 1994 Act were not nullities because s YB 5(4) applies; accordingly the TRA orders were reinstated and the Commissio…