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PRODUCT RULING BR Prd 12/06: Electricity Authority

The Arrangement is the issue of a financial transmission right (Option FTR) created under subpart 6 of Part 13 of the Code. The Option FTR is issued as a financial hedge against the volatility in the price of the transmission of electricity across the national grid caused by losses and constraints on the physical grid.

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PRODUCT RULING BR Prd 12/07: Electricity Authority

The Arrangement is the issue of a financial transmission right (Obligation FTR) created under subpart 6 of Part 13 of the Code. The Obligation FTR is issued as a financial hedge against the volatility in the price of the transmission of electricity across the national grid caused by losses and constraints on the physical grid.

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DEBTOR-INITIATED PAYMENTS

The Supreme Court considered the issue of debtor-initiated payments under section 95 of the Personal Property Securities Act 1999 ("PPSA") and how such payments effected priorities and claims in restitution for payments made by mistake. The Supreme Court found that not only had the Commissioner of Inland Revenue ("the Commissioner") provided good consideration, but she had also acted in good faith in receiving payment of the goods and services tax ("GST") from the receivers. The Supreme Court dismissed the appellants' appeal.

Categories:  debtor-initiated-payments,   personal-property-securities-act  

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APPROVED ISSUER LEVY AND WITHHOLDING TAXES – HIGH COURT DISMISSES APPEAL AND ALLOWS COMMISSIONER'S CROSSAPPEAL ON SHORTFALL PENALTY

The appeal was dismissed and the cross-appeal allowed. The High Court concluded that Weyand Investments Ltd had its centre of management in New Zealand, was liable to deduct resident withholding tax ("RWT") and that the arrangement was a tax avoidance arrangement. The Court also considered that the appellants were liable for a shortfall penalty for taking an abusive tax position, allowing the cross-appeal by the Commissioner of Inland Revenue ("the Commissioner").

Categories:  abusive-tax-position,   approved-issuer-levy,   avoidance,   centre-of-management,   residency,   resident-withholding-tax-(rwt)  

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SETTING ASIDE A JUDGMENT

The High Court has no power to recall or set aside its judgment on questions of law that have been the subject of appellate decision.

Categories:  fraud,   judgement