8 May 2019
PROVIDENT INSURANCE CORPORATION LIMITED v THE COMMISSIONER OF INLAND REVENUE [2019] NZHC 995
- Citation
- [2019] NZHC 995
- Court
- High Court
The insurance premia for the CCI and GAP policies are taxable supplies, not exempt financial services. The supplier's contract is insurance to the insured (debtor); the policies do not create a security over property nor a contractual indemnity to the creditor in the sense intended by s 3(1)(h), nor do the insurer's payments change character to payments of principal or interest under ss 3(1)(ka) and (l). Expert opinion purporting to assert legislative intent or make legal submissions was inadmissible. The plaintiffs failed to discharge the onus to show the Commissioner's assessments were inco…