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29 November 2015- 10:46pm Amos-Yeo – England and Wales High Court finds parties' intention to distribute enough shares to trust beneficiaries to access a reduced capital gains rate was sufficient to rectify a miscalculation of the shares’ number Email this Content In order that some trust beneficiaries could access a reduced U.K capital gains rate on a share sale, they were required to hold over 5% of the nominal share capital of the company before they sold their shares. ... Amos-Yeo, [2015] EWHC 2480 (Ch), under General Concepts – Rectification. ...
. – English Court of Appeal finds that the repayment of a note does not entail its disposal to the debtor Email this Content Lewison LJ rejected a U.K. taxpayer’s submission that when a debtor repays a note, there is a disposal of the note to the debtor given that following such repayment the debtor is still required to cancel the note (stating that “In the real world when the debt was repaid the obligation to pay was discharged; and there were no remaining creditor's rights that could have been transferred to the Issuer.”) ... Commissioners for Her Majesty's Revenue and Customs, [2015] BTC 32, [2015] EWCA Civ 1036, under s. 69(1)(b) and Statutory Interpretation – Purpose. ...
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15 April 2018- 11:48pm Smith – Tax Court of Canada references the principle that income is to be computed on a “sub-source” basis Email this Content Graham J found that a status Indian, who earned exempt income from employment and non-exempt investment income, could only deduct a registered pension plan contribution in computing his employment income (and not from his income generally), so that the deduction effectively was denied. ... The Queen, 2018 TCC 61 under s. 147.2(4) and Statutory Interpretation – Headings. ...
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26 June 2018- 12:03am Ritchie – Tax Court of Canada finds that an early signing bonus was part of the proceeds of disposition of the subject property Email this Content A farmer, who rented his farm to his corporation, received an early “signing bonus” of $255,790 from Enbridge for entering into an agreement with Enbridge by the stipulated deadline under which he granted an easement for a pipeline to Enbridge. The Agreement stipulated that the $255,790 was “ an incentive for early signing of the easement agreement” rather than part of the (separately stipulated) compensation for the easement. ...
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31 January 2019- 12:22am Best Buy – Federal Court of Appeal finds that CITT accorded insufficient deference to WCO opinions Email this Content Brown cow reasoning occurs when a decision is distinguished on the basis that it involved a brown cow rather than a black cow. ... He stated: Having “regard” … entails that the Tribunal should respect WCO opinions unless there is “sound reason” to do otherwise. ...
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23 July 2019- 1:21am Hancock – UK Supreme Court references the Luke principle that a strained interpretation can be adopted to implement clear Parliamentary intention Email this Content Lady Arden referred with apparent approval to the principle in Luke v Inland Revenue Comrs [1963] AC 557, stating: This enables the court, when interpreting a statute, to adopt (my words) a strained interpretation in place of one which would be contrary to the clear intention of Parliament. ... Summary of Hancock & Anor v Revenue and Customs [2019] UKSC 24 under Statutory Interpretation- Redundancy. ...
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17 April 2019- 11:46pm Deans Knight – Tax Court of Canada finds that the absence of an acquisition of effective control of a Lossco also demonstrated an absence of s. 245(4) abuse Email this Content The “Tax Attributes” of a Lossco (the taxpayer) were effectively sold to arm’s length investors pursuant to transactions under which: The existing shareholders of Lossco exchanged their Lossco shares for “Newco” shares under a Plan of Arrangement A private company “facilitator” (Matco) acquired a debenture of the Lossco that was convertible into shares representing 79% of its equity shares but only 35% of its voting shares (this occurred before the introduction of s. 256.1). ... He also found that there was no abuse of the loss-streaming rules (and, in particular, of ss. 256(8) and 251(5)(b)), stating: I … find that the object, spirit and purpose of subsection 111(5) is to target manipulation of losses of a corporation by a new person or group of persons, through effective control over the corporation’s actions…. [T]he circumstances referred to by the Respondent do not, in my view, indicate that Matco had effective control over the majority of the voting shares of the Appellant prior to the IPO …. ...
6 November 2015- 9:51pm Castro- Federal Court of Appeal finds that an inflated charitable receipt was not a s. 248(32) “advantage” – but the wrong amount invalidated it Email this Content Various individuals made cash contributions to a registered charity on the basis that the charity would issue charitable receipts to them for 10 times the amount of their contributions. ... The Queen, 2014 DTC 1111 [at 3236], 2014 TCC 117, under s. 118.1(1) – total charitable gift, s. 248(32), Reg. 3501(6), and Interpretation Act, s. 32. ...
7 September 2015- 1:50am Burlington Resources – B.C. Court of Appeal finds that cement provided to a well was part of an oil well service rather than being a sale of property for PST purposes Email this Content Burlington Resources was found not to be the purchaser for BC provincial sales tax purposes of cement which was inserted into the well casings of wells drilled for it, on the basis that the cement had become real property by the time title to the materials passed to it. ... Burlington Resources Canada Ltd., 2015 BCCA 19 under Provincial Sales Tax Act (B.C.), s. 1 – purchaser (h/t Robert G. ...
13 January 2015- 3:09pm Gaumond – Tax Court of Canada finds that a settled debt is not disposed of to the debtor Email this Content The taxpayer renounced debt owing to him by his small business corporation pursuant to a bankruptcy proposal. ... The Queen, 2014 TCC 339, under s. 39(1)(c). ...