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CGT – on TV3

Did you see Professor Craig Elliffe on TV3 yesterday morning? He was discussing the possibility of a CGT regime being implemented in New Zealand. Have a look at the TV3 interview:

http://www.3news.co.nz/Are-capital-gains-taxes-beneficial/tabid/369/articleID/116854/cat/772/Default.aspx

BNZ Tax avoidance decision

The BNZ has confirmed that it has filed a notice to appeal the High Court’s decision in BNZ Investments Limited v C of IR. The High Court had ruled that the bank’s use of six structured finance transactions between 1998 and 2005 was tax avoidance – see James Coleman’s posting below.

BNZ Final Judgment

On 15 July 2009 Wild J issued his final decision in the long running BNZ structured finance litigation. The decision is BNZ Investments Ltd v C of IR (unrep, HC Wellington, CIV 2004-485-1059; CIV 2005-485-1045; CIV 2006-485-1028; CIV 2006-485-2084; CIV 2008-485-1056, 15 July 2009).

This is the second High Court decision concerning the application of the general anti avoidance provision since the Supreme Court decision in Ben Nevis Forestry Ventures Limited v CIR [2008] NZSC 115 (Ben Nevis).

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