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Development Securities – U.K. First-Tier Tribunal finds that a Jersey sub, whose Jersey board approved a decision contrary to the sub’s interests, resided in the U.K.

., Morgan J stated: Unlike Wood v Holden … this was not a case where the board considered a proposal and, having taken appropriate advice, decided that it was in the best interests of the companies to enter into it. ...

Iberdrola - ECJ (1st Chamber) finds that a developer was entitled to VAT credits for reconstructing a sewage plant for free, as this advanced its own project

It might be considered that Iberdrola was not incurring the pumping-station reconstruction costs for the purpose of or in the course of making a free supply to the municipality but, rather, as inputs to its own apartment project. ...

9199-3899 Québec – Quebec Court of Appeal finds that using the investment allowance to generate a capital tax savings abused its purpose of merely avoiding double taxation

Univar, where Webb JA indicated that funding an inbound purchase with a Canadian Buyco with high outside capital was such an obvious surplus-stripping stripping technique that it could not be considered an abuse of s. 212.1- so that doing something more complicated to accomplish the same thing also was not abusive.) ...

Scott – Tax Court of Canada finds that compensation to former Nortel employees for loss of life insurance was non-taxable

Although it could easily be considered to be a benefit that arose out of her previous employment, he applied the Savage principle of interpretation that: where, in addition to the general provision in paragraph 6(1)(a), there is “a specific [statutory provision] containing detailed conditions for the inclusion of an amount in income that would not otherwise be income” … the general provision cannot be used “to fill in all the gaps left by” the specific provision [viz. s. 6(4)]. ...

CRA provides examples on the operation of the proposed split-income rules

CRA states that in determining whether a payment is a reasonable return, it “does not intend to generally substitute its judgment of what would be considered a reasonable amount unless there has not been a good faith attempt to determine a reasonable amount.” ...

Kenny – Tax Court of Canada finds that foreign government assistance scuppered the “substantially all” test in s. 118.94 (which did not violate a non-discrimination Treaty Art.)

In this regard, C Miller J stated: … [C]ases have relied on percentages as low as 76% to be considered substantially all. ...

ING –Court of Appeal of England and Wales finds that the provision of non-peripheral services by a bank to its depositors transformed it into a financial supplier

15 January 2018- 10:58pm ING –Court of Appeal of England and Wales finds that the provision of non-peripheral services by a bank to its depositors transformed it into a financial supplier Email this Content Under the European VAT jurisprudence, a mere borrowing or share issuance by a company is not considered to be a supply by it, so that VAT on inputs relating to the borrowing or issuance are not denied on that ground as being in relation to the supply of a financial serviced (see BLP and Kretztechnik). ...

CRA finds that an interest-free loan from a CFA of Canco to a NR sister of Canco was subject to Part XIII tax

CRA considered Foreign Sub to be the “taxpayer” and effectively treated Finco as the deemed corporation resident in Canada, so that Finco was liable under s. 215(1) for failure to “withhold” and remit Part XIII tax on the imputed benefit. ...

Van Steenis – Tax Court of Canada finds that “return of capital” distributions by a mutual fund reduced the unitholder’s deductible interest

Graham J considered that it truly accorded with the scheme of the Act to characterize trust distributions in excess of the s. 104(13) income distributions as being returns of the unitholder’s capital, stating: Subparagraph 53(2)(h)(i.1) reduces the unitholder’s adjusted cost base in the fund by the amount of capital distributed to him or her. … The fact that distributions of capital are not treated as income until they exceed the amount of a unitholder’s investment clearly indicates that Parliament viewed distributions of capital as being returns of the unitholder’s own investment. ...

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