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\'02\'00.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fs21\fbias0 \fi-360\li2160\lin2160 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713
\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li2880\lin2880 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715
\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li3600\lin3600 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703
\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li4320\lin4320 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713
\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li5040\lin5040 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715
\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li5760\lin5760 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703
\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li6480\lin6480 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713
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\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li7920\lin7920 }{\listname ;}\listid539636141}{\list\listtemplateid-564860940\listhybrid{\listlevel\levelnfc2\levelnfcn2\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0
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{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li2520\lin2520 }{\listlevel
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{\leveltext\leveltemplateid67698715\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li2880\lin2880 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext
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\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li4320\lin4320 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'05.;}{\levelnumbers\'01;}
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{\list\listtemplateid-1184883372\listhybrid{\listlevel\levelnfc2\levelnfcn2\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid-1090761176\'03(\'00);}{\levelnumbers\'02;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fbias0 
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\'02\'00);}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fbias0 \fi-360\li1290\lin1290 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713
\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li2010\lin2010 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715
\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li2730\lin2730 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703
\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li3450\lin3450 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713
\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li4170\lin4170 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715
\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li4890\lin4890 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703
\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li5610\lin5610 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713
\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li6330\lin6330 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715
\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li7050\lin7050 }{\listname ;}\listid1398045825}{\list\listtemplateid-1159835954\listhybrid{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid-1381758954\'02\'00.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \b\i0 \fi-360\li1080\lin1080 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext
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\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li2520\lin2520 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'03.;}{\levelnumbers\'01;}
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\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li5400\lin5400 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'06.;}{\levelnumbers\'01;}
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\fi-360\li6840\lin6840 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li7560\lin7560 }
{\listname ;}\listid1623996040}{\list\listtemplateid1262127100\listhybrid{\listlevel\levelnfc2\levelnfcn2\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid-314794614\'03(\'00);}{\levelnumbers\'02;}
\rtlch\fcs1 \af0 \ltrch\fcs0 \fbias0 \fi-1164\li2604\lin2604 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}
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\fi-360\li3960\lin3960 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 
\fi-360\li4680\lin4680 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'05.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 
\fi-180\li5400\lin5400 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 
\fi-360\li6120\lin6120 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 
\fi-360\li6840\lin6840 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'08.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 
\fi-180\li7560\lin7560 }{\listname ;}\listid1643580999}{\list\listtemplateid244774808\listhybrid{\listlevel\levelnfc2\levelnfcn2\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid-828733552
\'03(\'00);}{\levelnumbers\'02;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-720\li1800\lin1800 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}
\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li2160\lin2160 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 
\fi-180\li2880\lin2880 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li3600\lin3600 }
{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li4320\lin4320 }{\listlevel\levelnfc2\levelnfcn2
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\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid67698703\'02\'06.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li5760\lin5760 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\levelspace0
\levelindent0{\leveltext\leveltemplateid67698713\'02\'07.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li6480\lin6480 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\levelspace0\levelindent0{\leveltext
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\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid1550190622\'02\'00);}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fbias0 \fi-360\li1287\lin1287 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1
\lvltentative\levelspace0\levelindent0{\leveltext\leveltemplateid67698713\'02\'01.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li2007\lin2007 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative
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{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li4167\lin4167 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext
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\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid666775364\'02\'00.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \b\fbias0 \fi-360\li720\lin720 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1
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\levelspace0\levelindent0{\leveltext\leveltemplateid67698715\'02\'02.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-180\li2160\lin2160 }{\listlevel\levelnfc0\levelnfcn0\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0
\levelindent0{\leveltext\leveltemplateid67698703\'02\'03.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li2880\lin2880 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0
{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li3600\lin3600 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext
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\levelstartat1\levelspace0\levelindent0{\leveltext\leveltemplateid745320366\'03(\'00);}{\levelnumbers\'02;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fbias0 \fi-360\li1080\lin1080 }{\listlevel\levelnfc4\levelnfcn4\leveljc0\leveljcn0\levelfollow0\levelstartat1
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{\leveltext\leveltemplateid67698713\'02\'04.;}{\levelnumbers\'01;}\rtlch\fcs1 \af0 \ltrch\fcs0 \fi-360\li3960\lin3960 }{\listlevel\levelnfc2\levelnfcn2\leveljc2\leveljcn2\levelfollow0\levelstartat1\lvltentative\levelspace0\levelindent0{\leveltext
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\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid16014531\charrsid1844554 AT SUVA}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid16740322\charrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid5050965\charrsid1844554 CIVIL JURISDICTION
\par }\pard \ltrpar\qj \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14031226 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs12 \ltrch\fcs0 \f103\fs12\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\sa200\sl276\slmult1\widctlpar\tx6379\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid8420744\charrsid1844554 Civil Action No. }{
\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16335295\charrsid1844554 HBT}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16014531\charrsid1844554  }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 
\b\f103\fs24\insrsid5050965\charrsid1844554 04}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16740322\charrsid1844554  of }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16335295\charrsid1844554 2019}{\rtlch\fcs1 \af31507\afs24 
\ltrch\fcs0 \b\f103\fs24\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\qc \fi-2835\li2835\ri0\sl276\slmult1\widctlpar\tx2127\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2835\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid16740322\charrsid1844554 BETWEEN}{
\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 :}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554 
\par 
\par 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid5050965\charrsid1844554 FIJI CAYMAN HOLDINGS}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\qc \fi-1440\li1440\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\i\f103\fs24\ul\insrsid16335295\charrsid1844554 APPLICANT}{
\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\i\f103\fs24\ul\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\ql \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid8420744\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\qc \fi-2835\li2835\ri0\sl276\slmult1\widctlpar\tx142\tx1701\tx2127\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2835\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid16740322\charrsid1844554 AND
}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 :}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554 
\par 
\par 
\par }\pard \ltrpar\qc \fi-2835\li2835\ri0\sl276\slmult1\widctlpar\tx142\tx1701\tx2127\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2835\itap0\pararsid15493481 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid5050965\charrsid1844554 
FIJI REVENUE AND CUSTOMS SERVICE}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid14178696\charrsid1844554 .}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid15493481 
\par }\pard \ltrpar\qc \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\i\f103\fs24\ul\insrsid16335295\charrsid1844554 RESPONDENT}{\rtlch\fcs1 
\af31507\afs24 \ltrch\fcs0 \b\i\f103\fs24\ul\insrsid14030417\charrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\ul\insrsid8420744\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16740322\charrsid1844554 BEFORE}{\rtlch\fcs1 \af31507\afs24 
\ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 :}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 M. Javed Mansoor, J}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554\charrsid1844554 
\par }\pard \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs6 \ltrch\fcs0 \f103\fs6\insrsid16740322\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16740322\charrsid1844554 COUNSEL}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 
\f103\fs24\insrsid16740322\charrsid1844554 :}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 Mr}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid4457844\charrsid1844554 .}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 
 R. Krishna & Mr}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid4457844\charrsid1844554 .}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554  R. Naidu for the }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 
\f103\fs24\insrsid4457844\charrsid1844554 a}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 pplicant}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 Mr}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid4457844\charrsid1844554 . O. Verebalavu with M}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 
\f103\fs24\insrsid5050965\charrsid1844554 s}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid4457844\charrsid1844554 .}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554  F. Gavidi for the respondent}{\rtlch\fcs1 
\af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554\charrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid4457844\charrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16740322\charrsid1844554 Date of Hearing}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 :}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554 

\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 18}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16335295\charrsid1844554  }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 
November}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16335295\charrsid1844554  }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid5050965\charrsid1844554 2019}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid16740322 
\par }\pard \ltrpar\qc \li0\ri0\sl360\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid1844554 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \b\f103\fs24\insrsid16740322\charrsid1844554 Date of Judgment}{\rtlch\fcs1 \af31507\afs24 
\ltrch\fcs0 \f103\fs24\insrsid16740322\charrsid1844554 :}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554 
\par }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid2754437\charrsid1844554 9}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid4457844\charrsid1844554  }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid9905695\charrsid1844554 
October}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1844554  2023}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid9532782\charrsid1844554 
\par }\pard \ltrpar\qc \li0\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5050965 {\rtlch\fcs1 \af31507\afs48 \ltrch\fcs0 \b\f103\fs48\insrsid5050965\charrsid1844554 JUDGMENT}{\rtlch\fcs1 
\af31507\afs48 \ltrch\fcs0 \b\f103\fs48\insrsid13582364\charrsid1844554 
\par }\pard \ltrpar\qj \li720\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid10373417 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid13305562\charrsid1844554 TAXATION}{\rtlch\fcs1 \af31507 \ltrch\fcs0 
\i\f103\insrsid3159919\charrsid1844554 \tab \tab Sale of shares}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid7889507\charrsid1844554  \endash  Capital gain}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid9731687\charrsid1844554  \endash  }{
\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid13305562\charrsid1844554 Capital gains tax \endash  }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid9731687\charrsid1844554 Exempt income}{\rtlch\fcs1 \af31507 \ltrch\fcs0 
\i\f103\insrsid3159919\charrsid1844554  }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid9731687\charrsid1844554 \endash  Consideration \endash  Whether transaction a tax avoidance scheme \endash 
 Sections 2, 65 (1), 66 (1), 67 (1) (d), 84 (1), 86 (2) and 102 of the Income Tax Act \endash  }{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid9731687\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The Income Tax (Exempt Income) Regulations 2016}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid3159919\charrsid1844554  }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid7889507\charrsid1844554 \endash  Income Tax (Budget Amendment) Act 9 of 2019 
\endash  Section 88, Tax Administration Act 2009}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid14178696\charrsid1844554 
\par }\pard\plain \ltrpar\s15\ql \li720\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid3159919\charrsid1844554 
\par }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \f103\insrsid10109694\charrsid1844554 The following cases are referred to in this judgment:
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 \hich\af103\dbch\af103\loch\f103 a)\tab}}\pard \ltrpar\s15\ql \fi-360\li1080\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin1080\itap0\pararsid14178696\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Commissioner}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid5996336\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 \hich\af103\dbch\af103\loch\f103 of \hich\af103\dbch\af103\loch\f103 Inland Revenue }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 \hich\af103\dbch\af103\loch\f103 v }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid5996336\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Duke of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Westminster}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 \hich\af103\dbch\af103\loch\f103  [1936] AC 1}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid14178696\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid159795\charrsid1844554 \hich\af103\dbch\af103\loch\f103 b)\tab}}\pard \ltrpar\s15\ql \fi-360\li1080\ri0\sl276\slmult1\widctlpar\brdrb
\brdrs\brdrw30\brsp20 \wrapdefault\aspalpha\aspnum\faauto\ls5\adjustright\rin0\lin1080\itap0\pararsid14178696\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid159795\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The Cape Brandy Syndicate v The Commissioner of Inland Revenue}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid15012644\charrsid1844554 \hich\af103\dbch\af103\loch\f103  [1921] 12 T}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid159795\charrsid1844554 \hich\af103\dbch\af103\loch\f103 C 358}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid10109694\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid5996336\charrsid1844554 \hich\af103\dbch\af103\loch\f103 c)\tab}}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid5996336\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Spectros International p}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 lc v Madden\hich\af103\dbch\af103\loch\f103  [1997] STC 114, 70 TC 349}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid14178696\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs22 \ltrch\fcs0 \i\fs22\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 d)\tab}}{\rtlch\fcs1 \af103 \ltrch\fcs0 
\i\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Ben Nevis Forestry Ventures Ltd v }{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid15012644\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Commissioner of Inland Revenue }{\rtlch\fcs1 \af103 \ltrch\fcs0 
\i\loch\af103\hich\af103\dbch\af103\insrsid15012644\charrsid1844554 \hich\af103\dbch\af103\loch\f103 [}{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 2009}{\rtlch\fcs1 
\af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid15012644\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ]}{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 2}{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid15012644\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 NZLR 289}{\rtlch\fcs1 \af31507 \ltrch\fcs0 \i\f103\insrsid12063988\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs22 \ltrch\fcs0 \i\fs22\loch\af103\hich\af103\dbch\af103\insrsid11865194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 e)\tab}}{\rtlch\fcs1 \af103 \ltrch\fcs0 
\i\loch\af103\hich\af103\dbch\af103\insrsid11865194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Inland Revenue Commissioner}{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid5996336\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid11865194\charrsid1844554 \hich\af103\dbch\af103\loch\f103  v McGuckian [1997] 1 WLR 991}{\rtlch\fcs1 \af31507 \ltrch\fcs0 
\i\f103\insrsid12063988\charrsid1844554 
\par }\pard\plain \ltrpar\ql \li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid14178696 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid14178696\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 1.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 present }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 dispute concerns whether the sale of the applicant\hich\f103 \rquote 
\loch\f103 s shares in }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 \hich\af103\dbch\af103\loch\f103 its fully owned subsidiary \hich\f103 \endash \loch\f103  }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Farleigh Limited}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  (Farleigh)}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \endash \loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 to}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Fiji National Provident }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14432144\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Fund }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (FNPF)}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2754437\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 is}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  exempt from }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103 c}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 apital }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103 g}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 ains }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103 t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ax }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (CGT)}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6244263\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 and}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 ,}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  if not}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 
,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  whether the amount of tax }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 \hich\af103\dbch\af103\loch\f103 has}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 \hich\af103\dbch\af103\loch\f103 been }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 correctly assessed}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2754437\charrsid1844554 \hich\af103\dbch\af103\loch\f103  by the respondent}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 .  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid406847\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid406847\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 2.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant sold its shares in Farleigh to FNPF in May 2018. The applicant\hich\f103 \rquote \loch\f103 s }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6757225\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 primary }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 position is that}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , under the law as it then stood, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 any g}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ain made on the sale of shares wa}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s exempt from CGT.  Secondly}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6757225\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 , and alternatively, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant states that the respondent assessed CGT }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6757225\charrsid1844554 \hich\af103\dbch\af103\loch\f103 by taking a wrong sum as }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the consideration}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14432144\charrsid1844554 .}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16654098\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14432144\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 T}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16654098\charrsid1844554 \hich\af103\dbch\af103\loch\f103 hereby}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14432144\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , the applicant says,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16654098\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  the assessment resulted in a grossly excessive }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9373058\charrsid1844554 \hich\af103\dbch\af103\loch\f103 capital gains tax}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 .  
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 3.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent denies that the sale of shares in Farleigh is exempt income. The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16654098\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Fiji Revenue and Customs Service}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  assessed }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9373058\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the transaction for }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 CGT on a consideration of $277}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 ,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 \hich\af103\dbch\af103\loch\f103 by its}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6362333\charrsid1844554 \hich\af103\dbch\af103\loch\f103  notice of assessment dated 23 March 2018.  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16654098\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16654098\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16654098\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103 4.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid16672076\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 In response\hich\af103\dbch\af103\loch\f103  to the a\hich\af103\dbch\af103\loch\f103 ssessment, the applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8198785\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 filed }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103 an objection}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6362333\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 In its objection decision, the respondent disagreed with the applicant\hich\f103 \rquote \loch\f103 s contention that the claim is tax exempt}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4594989\charrsid1844554 .}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6362333\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The decision stated that Farleigh has never paid any dividend to Fiji Cayman Holdings and }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5786619\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 exemption claimed under}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6362333\charrsid1844554 \hich\af103\dbch\af103\loch\f103  section 67 (1) (d) 
}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4204731\charrsid1844554 \hich\af103\dbch\af103\loch\f103 \hich\f103 of the Income Tax Act (\'93\loch\f103 \hich\f103 Act\'94\loch\f103 ) }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6362333\charrsid1844554 \hich\af103\dbch\af103\loch\f103 cannot apply }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5786619\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 as}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6362333\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the shares have not been used solely to derive exempt income. }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4594989\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The respondent stated that the applicant\hich\f103 \rquote \loch\f103 s interpretation of the law is a tax avoidance scheme. }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16205044\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 5.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Rejecti\hich\af103\dbch\af103\loch\f103 ng }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5786619\charrsid1844554 \hich\af103\dbch\af103\loch\f103 th\hich\af103\dbch\af103\loch\f103 
e revenue authority\hich\f103 \rquote \loch\f103 s position}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 he applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9974376\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 says}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  that even }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5964513\charrsid1844554 \hich\af103\dbch\af103\loch\f103 if the capital gain is }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 not }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5964513\charrsid1844554 \hich\af103\dbch\af103\loch\f103 considered }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103 as}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5964513\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 exempt income, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the consideration for the sale }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid13972161\charrsid1844554 \hich\af103\dbch\af103\loch\f103 of shares }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 is approximately $158 million dollars. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9974376\charrsid1844554 \hich\af103\dbch\af103\loch\f103 T}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 he difference of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 approximately 119 million dollars}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9974376\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , \hich\af103\dbch\af103\loch\f103 
the applicant says,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9974376\charrsid1844554 \hich\af103\dbch\af103\loch\f103 is the amount }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 of debt }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 \hich\af103\dbch\af103\loch\f103 payable to }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 offshore companies }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 that were \hich\af103\dbch\af103\loch\f103 assign\hich\af103\dbch\af103\loch\f103 ed\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103 to}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 FNPF, and that the share sale and the assignment took place }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 at the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 \hich\af103\dbch\af103\loch\f103 same }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 time 
}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 \hich\af103\dbch\af103\loch\f103 as a single transaction}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 .  
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 \hich\af103\dbch\af103\loch\f103 6.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant challenged the respondent\hich\f103 \rquote \loch\f103 s objection decis\hich\af103\dbch\af103\loch\f103 ion by way of a review}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 \hich\af103\dbch\af103\loch\f103  to the tax tribunal, and }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12939963\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the case was }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 \hich\af103\dbch\af103\loch\f103 subsequently }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15433646\charrsid1844554 \hich\af103\dbch\af103\loch\f103 transferred to}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  this court}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103  under section \hich\af103\dbch\af103\loch\f103 
88 of the Tax Administration Act}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7742505\charrsid1844554 \hich\af103\dbch\af103\loch\f103  2009}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16205044\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10774997\charrsid1844554 \hich\af103\dbch\af103\loch\f103   }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid10774997\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The transaction
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12715604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 7.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12715604\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 main }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12715604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 facts}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
, which}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12715604\charrsid1844554 \hich\af103\dbch\af103\loch\f103  are not in dispute}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , and are}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12939963\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 taken }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12939963\charrsid1844554 \hich\af103\dbch\af103\loch\f103 from the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
statement of agreed\hich\af103\dbch\af103\loch\f103  facts, are}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12939963\charrsid1844554 \hich\af103\dbch\af103\loch\f103 stated}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 below. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10774997\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx720\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3085855\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103 8.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid5522209\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant \hich\af103\dbch\af103\loch\f103 is a company incorporated in the Cayman Islands}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4354700\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 , and}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5522209\charrsid1844554 \hich\af103\dbch\af103\loch\f103  is a }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103 part of  Marriot International }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 \hich\f103 Inc. (\'93\loch\f103 \hich\f103 Marriot\'94\loch\f103 ), }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5988817\charrsid1844554 \hich\af103\dbch\af103\loch\f103 a }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103 group of companies which own}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
, operate}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103  and manage}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103  hotels in numerous countries.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5522209\charrsid1844554 \hich\af103\dbch\af103\loch\f103  The applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 held all \hich\af103\dbch\af103\loch\f103 the issued shares in Farleigh, a company incorporated in Fiji}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5522209\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3085855\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Farleigh through its subsidiaries owned three tourism properties in Fiji

\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5522209\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5522209\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 9.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid14906537\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant says it \hich\af103\dbch\af103\loch\f103 made a commercial decision to sell \hich\af103\dbch\af103\loch\f103 its\hich\af103\dbch\af103\loch\f103  o\hich\af103\dbch\af103\loch\f103 
wnership interests in the Fiji p\hich\af103\dbch\af103\loch\f103 roperties\hich\af103\dbch\af103\loch\f103  and\hich\af103\dbch\af103\loch\f103  invited bid\hich\af103\dbch\af103\loch\f103 s for the sale of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 these}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 interests.\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 FNPF, a statutory body established under the Fiji National Provident Fund Act 2011, was the successful bidder.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14906537\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 10.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid14906537\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 On 28}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\super\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 November 2017, \hich\af103\dbch\af103\loch\f103 the applicant\hich\af103\dbch\af103\loch\f103  sent to FNPF a letter \hich\af103\dbch\af103\loch\f103 
stating\hich\af103\dbch\af103\loch\f103  the basis \hich\af103\dbch\af103\loch\f103 of \hich\af103\dbch\af103\loch\f103 their final negotiations\hich\af103\dbch\af103\loch\f103 . \hich\af103\dbch\af103\loch\f103 On 26 January 2018, 
\hich\af103\dbch\af103\loch\f103 the applicant, \hich\af103\dbch\af103\loch\f103 FNPF and Marriot entered into a \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 
ale \hich\af103\dbch\af103\loch\f103 deed. \hich\af103\dbch\af103\loch\f103 At the time the \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 ale 
\hich\af103\dbch\af103\loch\f103 d\hich\af103\dbch\af103\loch\f103 eed}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103  was executed}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , Farleigh and its wholly owned subsidiary Barton Limited (}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11369632\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Barton}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11369632\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'94}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ) owed debts to related parties (}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11369632\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \'93}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Starwood }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15027214\charrsid1844554 \hich\af103\dbch\af103\loch\f103 c}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
reditors}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11369632\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'94}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ) \hich\af103\dbch\af103\loch\f103 in the\hich\af103\dbch\af103\loch\f103  way set out below\hich\af103\dbch\af103\loch\f103 :
\par \ltrrow}\trowd \irow0\irowband0\ltrrow\ts11\trqc\trgaph108\trrh720\trleft-108\trftsWidth3\trwWidth7720\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13392944\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth580\clhidemark \cellx478\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb
\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1480\clhidemark \cellx1958\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth3340\clhidemark 
\cellx5298\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2320\clhidemark \cellx7618\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid13392944 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \ab\af37\afs24 \ltrch\fcs0 
\b\f103\fs24\insrsid13392944\charrsid1844554 \~\cell Debtor \cell Starwood Creditors \cell Balance as at 31 December 2017\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid1844554\charrsid1844554 \trowd \irow0\irowband0\ltrrow
\ts11\trqc\trgaph108\trrh720\trleft-108\trftsWidth3\trwWidth7720\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13392944\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalb\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth580\clhidemark \cellx478\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1480\clhidemark \cellx1958\clvertalb\clbrdrt\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth3340\clhidemark \cellx5298\clvertalb\clbrdrt
\brdrs\brdrw10 \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clftsWidth3\clwWidth2320\clhidemark \cellx7618\row \ltrrow}\trowd \irow1\irowband1\ltrrow
\ts11\trqc\trgaph108\trrh360\trleft-108\trftsWidth3\trwWidth7720\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13392944\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalb\clbrdrt
\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth580\clhidemark \cellx478\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1480\clhidemark \cellx1958\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth3340\clhidemark \cellx5298\clvertalb\clbrdrt\brdrnone 
\clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2320\clhidemark \cellx7618\pard\plain \ltrpar\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid13392944 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 \f103\fs24\insrsid13392944\charrsid1844554 (i)\cell Farleigh\cell }{\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 
\f103\fs24\insrsid423504\charrsid1844554 Sheraton International}{\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 \f103\fs24\insrsid13392944\charrsid1844554  LLC\cell USD36,450,486.23\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid1844554\charrsid1844554 
\trowd \irow1\irowband1\ltrrow\ts11\trqc\trgaph108\trrh360\trleft-108\trftsWidth3\trwWidth7720\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13392944\tbllkhdrrows\tbllkhdrcols\tbllknocolband
\tblind0\tblindtype3 \clvertalb\clbrdrt\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth580\clhidemark \cellx478\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 
\clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth1480\clhidemark \cellx1958\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth3340\clhidemark \cellx5298\clvertalb
\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2320\clhidemark \cellx7618\row \ltrrow}\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid13392944 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 
\f103\fs24\insrsid13392944\charrsid1844554 (ii)\cell Farleigh\cell }{\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 \f103\fs24\insrsid423504\charrsid1844554 SII Real Estate Holdings}{\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 \f103\fs24\insrsid13392944\charrsid1844554 
 Inc \cell FJD14,832,225.17\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid1844554\charrsid1844554 \trowd \irow2\irowband2\ltrrow
\ts11\trqc\trgaph108\trrh360\trleft-108\trftsWidth3\trwWidth7720\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13392944\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalb\clbrdrt
\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth580\clhidemark \cellx478\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1480\clhidemark \cellx1958\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth3340\clhidemark \cellx5298\clvertalb\clbrdrt\brdrnone 
\clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2320\clhidemark \cellx7618\row \ltrrow}\pard\plain \ltrpar
\qc \li0\ri0\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\pararsid13392944 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af37\afs24 \ltrch\fcs0 
\f103\fs24\insrsid13392944\charrsid1844554 (iii)\cell Barton\cell Sheraton on the Park Pty Ltd \cell AUD22,768,383.20\cell }\pard\plain \ltrpar\ql \li0\ri0\sa200\sl276\slmult1\widctlpar\intbl\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0 
\rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid13392944\charrsid1844554 \trowd \irow3\irowband3\lastrow \ltrrow
\ts11\trqc\trgaph108\trrh360\trleft-108\trftsWidth3\trwWidth7720\trftsWidthB3\trautofit1\trpaddl108\trpaddr108\trpaddfl3\trpaddft3\trpaddfb3\trpaddfr3\tblrsid13392944\tbllkhdrrows\tbllkhdrcols\tbllknocolband\tblind0\tblindtype3 \clvertalb\clbrdrt
\brdrnone \clbrdrl\brdrs\brdrw10 \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth580\clhidemark \cellx478\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 
\cltxlrtb\clNoWrap\clftsWidth3\clwWidth1480\clhidemark \cellx1958\clvertalb\clbrdrt\brdrnone \clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth3340\clhidemark \cellx5298\clvertalb\clbrdrt\brdrnone 
\clbrdrl\brdrnone \clbrdrb\brdrs\brdrw10 \clbrdrr\brdrs\brdrw10 \cltxlrtb\clNoWrap\clftsWidth3\clwWidth2320\clhidemark \cellx7618\row }\pard \ltrpar\ql \li0\ri0\sa200\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid13392944 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16407109\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8408656\charrsid1844554 \hich\af103\dbch\af103\loch\f103 11.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid14906537\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8408656\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The applicant}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  says that the\hich\af103\dbch\af103\loch\f103  debts were \hich\af103\dbch\af103\loch\f103 entered into \hich\af103\dbch\af103\loch\f103 on arm\hich\f103 \rquote \loch\f103 
s-length terms and accrued interest, with balances varying over time.\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 The}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 se}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 \hich\af103\dbch\af103\loch\f103  debts are \hich\af103\dbch\af103\loch\f103 collectively referred to in the 
\hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 ale \hich\af103\dbch\af103\loch\f103 d\hich\af103\dbch\af103\loch\f103 \hich\f103 eed as \'93}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15027214\charrsid1844554 \hich\af103\dbch\af103\loch\f103 S}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 tarwood p\hich\af103\dbch\af103\loch\f103 \hich\f103 ayables\'94.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14906537\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14906537\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8408656\charrsid1844554 \hich\af103\dbch\af103\loch\f103 12.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid14489349\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8408656\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The \hich\af103\dbch\af103\loch\f103 applicant\hich\f103 \rquote \loch\f103 s transaction with FNPF contemplated the sale of shares and the assignment of the Starwood payables. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The transaction was completed on \hich\af103\dbch\af103\loch\f103 25 May 2018\hich\af103\dbch\af103\loch\f103 
, and the applicant delivered to FNPF the stamped share transfer for all the issued shares in Farleig\hich\af103\dbch\af103\loch\f103 h and the stamped deeds of novation and assignment for the Starwood payables.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Under the deeds of novation and assignment, Sheraton International LLC, SII Real Estate Holdings Inc}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2372872\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103  and Sheraton on the Park Pty Ltd assigned the debts owed to them by Farleigh and Barton to FNPF.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12150852\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 13.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx720\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid4865569\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant filed a }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 \hich\af103\dbch\af103\loch\f103 preliminary }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 CGT return claiming exemption under section 67 (1) (d) of the Act}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5522209\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 On 23 May 2018, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the respondent }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 issued a }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103 n}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 otice of 
}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103 a}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 ssess\hich\af103\dbch\af103\loch\f103 ment and assessed }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant for }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 CGT }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 on the transaction in the sum }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 of $25,977,261.31.}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12087349\charrsid1844554 \hich\af103\dbch\af103\loch\f103  notice}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
referred to}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12087349\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
disposed }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12087349\charrsid1844554 \hich\af103\dbch\af103\loch\f103 asset}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2372872\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12087349\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 \hich\af103\dbch\af103\loch\f103 as }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 3}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4348885\charrsid1844554 \hich\af103\dbch\af103\loch\f103  ordinary shares and 70 preference shares in Farleigh. }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 a}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ssessment}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103 t}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ook }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the sum of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 $277}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12087349\charrsid1844554 ,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 \hich\af103\dbch\af103\loch\f103 as consideration for }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 disposal }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
of the shares. The respondent rejected the description in the share sale deed that consideration }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
was for shares and the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15684690\charrsid1844554 \hich\af103\dbch\af103\loch\f103 S}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 tarwood }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103 p}
{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ayables.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9796639\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 The assessed sum was paid to the respondent on 25 May 2018.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9582248\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 14.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid1271974\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 On 20 July 2018, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 applicant}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  filed a }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 notice of o}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 bjection against the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103 a}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
ssessment.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9582248\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 On 11 October 2018, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the respondent}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  issued its }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 \hich\af103\dbch\af103\loch\f103 o}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
bjection decision disallowing }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant\hich\f103 \rquote \loch\f103 s o}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 bjection}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 On 8 November 2018, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant filed an application for r}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 eview against the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 \hich\af103\dbch\af103\loch\f103 o}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 bjection }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1271974\charrsid1844554 \hich\af103\dbch\af103\loch\f103 d
}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 e\hich\af103\dbch\af103\loch\f103 cision.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12938920\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid1330590\charrsid1844554 \hich\af103\dbch\af103\loch\f103 15.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1330590\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The following}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid1330590\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1330590\charrsid1844554 \hich\af103\dbch\af103\loch\f103 issues are before court:}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 1.\tab}}\pard \ltrpar\s15\qj \fi-360\li1080\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls21\adjustright\rin0\lin1080\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Whether:
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls22\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The gain made from the sale of shares in Farleigh by \hich\af103\dbch\af103\loch\f103 the applicant\hich\af103\dbch\af103\loch\f103  is an exempt capital gain under section 67(1)(d) of the Act or 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls22\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant\hich\af103\dbch\af103\loch\f103  should receive dividend income from Farleigh in order for the gain on the disposal of the Farleigh shares to be exempt under section 67(1)(d) of the Act.
\par }\pard \ltrpar\s15\qj \li1080\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1080\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 2.\tab}}\pard \ltrpar\s15\qj \fi-360\li1080\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls21\adjustright\rin0\lin1080\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Whether:
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Both the shares in Farleigh and the Starwood Payables were disposed of (as contended by \hich\af103\dbch\af103\loch\f103 the\hich\af103\dbch\af103\loch\f103  applicant\hich\af103\dbch\af103\loch\f103 ) or 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls23\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Only the shares in Farleigh were disposed of (as contended by FRCS)
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 3.\tab}}\pard \ltrpar\s15\qj \fi-360\li1080\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls21\adjustright\rin0\lin1080\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Whether the consideration received by \hich\af103\dbch\af103\loch\f103 the applicant\hich\af103\dbch\af103\loch\f103  for the shares in Farleigh for the purposes of the Act was:
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls24\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 $277,000,000}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 .00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103  (as contended by FRCS) or 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls24\adjustright\rin0\lin1440\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 $157,807,723}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14489349\charrsid1844554 .00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the amount calculated as the s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 ale
\hich\af103\dbch\af103\loch\f103  p\hich\af103\dbch\af103\loch\f103 rice purs\hich\af103\dbch\af103\loch\f103 uant to the s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 ale 
\hich\af103\dbch\af103\loch\f103 d\hich\af103\dbch\af103\loch\f103 eed and recorded in the share transfers (as contended by \hich\af103\dbch\af103\loch\f103 the applicant\hich\af103\dbch\af103\loch\f103 )
\par }\pard \ltrpar\s15\qj \li1080\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1080\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 4.\tab}}\pard \ltrpar\s15\qj \fi-360\li1080\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls21\adjustright\rin0\lin1080\itap0\pararsid12150852\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Whether the \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 ale \hich\af103\dbch\af103\loch\f103 d\hich\af103\dbch\af103\loch\f103 
ee\hich\af103\dbch\af103\loch\f103 d or the transaction under the s\hich\af103\dbch\af103\loch\f103 hare \hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 ale \hich\af103\dbch\af103\loch\f103 d\hich\af103\dbch\af103\loch\f103 eed was a }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 tax avoidance scheme}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , desi\hich\af103\dbch\af103\loch\f103 gned to reduce CGT liability, for the \hich\af103\dbch\af103\loch\f103 purposes of section 
\hich\af103\dbch\af103\loch\f103 102 of the Act.
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16727507\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid16727507\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 \hich\af103\dbch\af103\loch\f103 16.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The main issue before court is whether \hich\af103\dbch\af103\loch\f103 the exemption under \hich\af103\dbch\af103\loch\f103 section 67(1) (d) \hich\af103\dbch\af103\loch\f103 of the Act\hich\af103\dbch\af103\loch\f103 
 applies to the applicant\hich\f103 \rquote \loch\f103 s sale of shares.\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103   }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid12150852\charrsid1844554 

\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8677110\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The question of exempt c}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 apital gain
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 \hich\af103\dbch\af103\loch\f103 17.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11823861\charrsid1844554 \hich\af103\dbch\af103\loch\f103 respondent\hich\f103 \rquote \loch\f103 s notice of assessment states }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16464588\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 consideration received as }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6581653\charrsid1844554 \hich\af103\dbch\af103\loch\f103 $}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 \hich\af103\dbch\af103\loch\f103 277,000,000.00. The cost is }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11823861\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 given as }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 \hich\af103\dbch\af103\loch\f103 $17,227,386.93. The capital gain is shown as $259,772,613.00. }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9899521\charrsid1844554 \hich\af103\dbch\af103\loch\f103 CGT is worked out at 10% of the gain. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 \hich\af103\dbch\af103\loch\f103  
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid10778806\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10778806\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 \hich\af103\dbch\af103\loch\f103 18.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 There is\hich\af103\dbch\af103\loch\f103  no dispute that the transaction resulted in a capital gain. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2502458\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2502458\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2502458\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 19.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Section 65 (1) }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 \hich\af103\dbch\af103\loch\f103 of the Act }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 states that }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16530522\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 a tax to be known as }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid16530522\charrsid1844554 \hich\af103\dbch\af103\loch\f103 c}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 apital }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid16530522\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 g}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ains }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid16530522\charrsid1844554 \hich\af103\dbch\af103\loch\f103 t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ax}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103  is imposed at the rate prescribed by \hich\af103\dbch\af103\loch\f103 r\hich\af103\dbch\af103\loch\f103 
egulations under th\hich\af103\dbch\af103\loch\f103 e\hich\af103\dbch\af103\loch\f103  Act on a person who had made a capital gain,\hich\af103\dbch\af103\loch\f103  other than an exempt capital gain,\hich\af103\dbch\af103\loch\f103 
 on the disposal of a capital asset.
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2181257\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid4132130\charrsid1844554 \hich\af103\dbch\af103\loch\f103 20.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3633918\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4132130\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Section 2(d) of the Act defines \hich\af103\dbch\af103\loch\f103 a }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid4132130\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
capital asset}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4132130\charrsid1844554 \hich\af103\dbch\af103\loch\f103  as a membership interest in a company security or other financial asset.}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2502458\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 What the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 applicant disposed }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2502458\charrsid1844554 \hich\af103\dbch\af103\loch\f103 was }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
a capital asset in the form of\hich\af103\dbch\af103\loch\f103  shares in Farleigh. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2502458\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2502458\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2502458\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 21.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3633918\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Section 84 (1) of the Act states a person makes a disposal of an asset if the person parts with the ownership of the asset, including when the asset is -
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls28\adjustright\rin0\lin1440\itap0\pararsid2181257\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Sold, exchanged, transferred or distributed; or 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \i\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}\hich\af103\dbch\af103\loch\f103 Cancelled, redeemed, relinquis
\hich\af103\dbch\af103\loch\f103 hed, destroyed, lost, expired or surrendered.
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2181257\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 \hich\af103\dbch\af103\loch\f103 22.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid13963903\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The controversy is whether or not the gain }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
from the disposal of the asset resulted in}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 \hich\af103\dbch\af103\loch\f103  an exempt capital gain under section 67 (1) (d) of the Act. }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The issue must}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1785073\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , therefore,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  be resolved by construing th}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \hich\af103\dbch\af103\loch\f103 e meaning and purpose of the }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 \hich\af103\dbch\af103\loch\f103 provision. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8677110\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Section 67 (1) (d) states:}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7028406\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid1522018\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (1)\tab}}\pard \ltrpar\s15\qj \fi-360\li1800\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls39\adjustright\rin0\lin1800\itap0\pararsid13963903\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid1522018\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \'93\loch\f103 The following capital gains are exempt capital gains - 
\par }\pard \ltrpar\s15\ql \li1800\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1800\itap0\pararsid7028406\contextualspace {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid7028406\charrsid1844554 
\par }\pard \ltrpar\s15\ql \fi360\li1440\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7028406\contextualspace {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid7028406\charrsid1844554 \hich\af103\dbch\af103\loch\f103  (d)  }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid1522018\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
capital gain made on disposal of an asset that is used solely to derive}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid7028406\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li1440\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid7028406\contextualspace {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid1522018\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid7028406\charrsid1844554 \hich\af103\dbch\af103\loch\f103   
\hich\af103\dbch\af103\loch\f103             }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid1522018\charrsid1844554 \hich\af103\dbch\af103\loch\f103 \hich\f103 exempt income\'94\loch\f103 ;}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid608711\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1522018\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 23.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant \hich\af103\dbch\af103\loch\f103 submitted that Farleigh\hich\f103 \rquote \loch\f103 s share}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  are asset}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2181257\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 used solely to derive }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 \hich\af103\dbch\af103\loch\f103 dividends, which are }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 exempt income}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1785073\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 , and }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
that any capital gain made by the applicant on the disposal of the Farleigh share is an exempt capital gain. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4132130\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4132130\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid1797319\charrsid1844554 \hich\af103\dbch\af103\loch\f103 24.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1797319\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 By an amendment made to part 5 of t\hich\af103\dbch\af103\loch\f103 he \hich\af103\dbch\af103\loch\f103 I\hich\af103\dbch\af103\loch\f103 ncome \hich\af103\dbch\af103\loch\f103 T\hich\af103\dbch\af103\loch\f103 ax (
\hich\af103\dbch\af103\loch\f103 E\hich\af103\dbch\af103\loch\f103 xempt \hich\af103\dbch\af103\loch\f103 I\hich\af103\dbch\af103\loch\f103 ncome) \hich\af103\dbch\af103\loch\f103 R\hich\af103\dbch\af103\loch\f103 egulations 2016 any dividend received 
\hich\af103\dbch\af103\loch\f103 was made \hich\af103\dbch\af103\loch\f103 exempt income. The law that exempted }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9962577\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
all }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1797319\charrsid1844554 \hich\af103\dbch\af103\loch\f103 dividends\hich\af103\dbch\af103\loch\f103  from tax became effective from 1 August 2017. }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14568756\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 25.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant submitted that other changes were }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 also }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 made to the law to ensure that\hich\af103\dbch\af103\loch\f103 
 the benefits of the new policy were made effective for shareholders.  These included the removal of dividends from the provisions o}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 n}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  non}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 -}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
resident withholding tax in section 10, removal of the deemed d}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7553146\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ividend}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4865569\charrsid1844554 \hich\af103\dbch\af103\loch\f103  distribution provision}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  in section 20 (a) and de\hich\af103\dbch\af103\loch\f103 letion of the requirement to withhold tax from dividends paid to residents under section 112 (2) of the Act.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5853141\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7019840\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid7019840\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 26.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid608711\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9962577\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ays}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 that the question whether Farleigh paid a dividend to the applicant was not relevant and that the plain and ordinary meaning of the exemption provision is that at the time of the disposal the asset is }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 used}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 only to derive exempt income.  \hich\af103\dbch\af103\loch\f103 Where the asset is\hich\af103\dbch\af103\loch\f103  used in that way,\hich\af103\dbch\af103\loch\f103  the gain on \hich\af103\dbch\af103\loch\f103 its \hich\af103\dbch\af103\loch\f103 
disposal is exempt capital gain, and would not attract CGT.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14568756\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 27.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid608711\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant\loch\af103\dbch\af103\hich\f103 \rquote \loch\f103 s argument is\hich\af103\dbch\af103\loch\f103  that the only income that could be derived by the applicant from the Farleigh shares was dividends, and,
\hich\af103\dbch\af103\loch\f103  therefor\hich\af103\dbch\af103\loch\f103 e,\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 it is \hich\af103\dbch\af103\loch\f103 exempt inc\hich\af103\dbch\af103\loch\f103 ome.
\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 A\hich\af103\dbch\af103\loch\f103 s a result}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3949591\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9962577\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  capital gains on the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3949591\charrsid1844554 \hich\af103\dbch\af103\loch\f103 share }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 disposal are exempt capital gains.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 

\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid14568756\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 \hich\af103\dbch\af103\loch\f103 28.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid608711\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The exemption made available by s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ection 67 (1) (d) }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3633918\charrsid1844554 \hich\af103\dbch\af103\loch\f103 was taken away by \hich\af103\dbch\af103\loch\f103 section 6 of the Income Tax (Budget Amendment) Act No. 9 of 2019.
\hich\af103\dbch\af103\loch\f103  The amended provision states}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \hich\af103\dbch\af103\loch\f103 :}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 
\par }\pard\plain \ltrpar\qj \fi720\li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid608711 \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 
The following capital gains are exempt capital gains \hich\f103 \endash \loch\f103  
\par }\pard \ltrpar\qj \fi-720\li2160\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid608711 \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (d)\tab \hich\f103 a capital gain made on disposal of an asset that is used solely to derive exempt income, excluding the disposal of shares\'94}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid608711\charrsid1844554 .
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 29.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid9796639\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The respondent says tha\hich\af103\dbch\af103\loch\f103 t the applicant did not receive\hich\af103\dbch\af103\loch\f103 
 dividends at any time \hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 exemption }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6371696\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
was available }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 under part 5 of the \hich\af103\dbch\af103\loch\f103 r\hich\af103\dbch\af103\loch\f103 
egulations. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The respondent says that the shares were not used solely to derive exempt income, and that had the applicant received dividends prior to the amendment of the regulations in\hich\af103\dbch\af103\loch\f103  2017, such dividends were not exempt income. }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14568756\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The respondent says that the only return the applicant has received from the asset was at the time of disposal of the shares and that this was \hich\af103\dbch\af103\loch\f103 due to \hich\af103\dbch\af103\loch\f103 a capital appreciation
\hich\af103\dbch\af103\loch\f103  of the asset.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9796639\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid9796639\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid9796639\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 \hich\af103\dbch\af103\loch\f103 30.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid12134498\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3280945\charrsid1844554 \hich\af103\dbch\af103\loch\f103 contends}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 \hich\af103\dbch\af103\loch\f103  that }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15103762\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Farleigh had had an accumulated loss}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 \hich\af103\dbch\af103\loch\f103  of $34,059,857 }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15103762\charrsid1844554 \hich\af103\dbch\af103\loch\f103 for the financial year ended 2017, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 and that \hich\af103\dbch\af103\loch\f103 according to \hich\af103\dbch\af103\loch\f103 the directors report the \hich\af103\dbch\af103\loch\f103 board of \hich\af103\dbch\af103\loch\f103 directors did not recommend 
\hich\af103\dbch\af103\loch\f103 the declaration of \hich\af103\dbch\af103\loch\f103 dividends for the year ended 31 December 2017.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15103762\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  There\hich\af103\dbch\af103\loch\f103 fore, it says, \hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 applicant \hich\af103\dbch\af103\loch\f103 did not receive a dividend 
\hich\af103\dbch\af103\loch\f103 that was exempt income under the I\hich\af103\dbch\af103\loch\f103 ncome \hich\af103\dbch\af103\loch\f103 T\hich\af103\dbch\af103\loch\f103 ax (\hich\af103\dbch\af103\loch\f103 E\hich\af103\dbch\af103\loch\f103 xempt 
\hich\af103\dbch\af103\loch\f103 Income) R\hich\af103\dbch\af103\loch\f103 egulation\hich\af103\dbch\af103\loch\f103 s.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3490865\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3490865\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12134498\charrsid1844554 \hich\af103\dbch\af103\loch\f103 31.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid12134498\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12134498\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent said that the word derived in the context of section 67(1) (d) means that the asset (share) is used to receive \hich\af103\dbch\af103\loch\f103 exempt income (dividend\hich\af103\dbch\af103\loch\f103 s). 
\hich\af103\dbch\af103\loch\f103 It was submitted that the word solely suggest\hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 
 that the shares in Farleigh should have been used only to generate dividend income for the applicant prior to the sale. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11085995\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11085995\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11085995\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 32.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid9444356\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The plain meaning of the enactment must be considered \hich\af103\dbch\af103\loch\f103 without straining the words used by the legislature}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6111315\charrsid1844554 \hich\af103\dbch\af103\loch\f103  to see whether the applicant is entitled to the exemption}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 .
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid817093\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 33.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid15080230\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 I\hich\af103\dbch\af103\loch\f103 n }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Commissioner\hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 \hich\af103\dbch\af103\loch\f103  of \hich\af103\dbch\af103\loch\f103 Inland Revenue}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103  v \hich\af103\dbch\af103\loch\f103 the Duke of \hich\af103\dbch\af103\loch\f103 Westminster}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103  Lord Russel said:
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid15080230\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 I confess that I view with disfavor the doctrine that in \hich\af103\dbch\af103\loch\f103 
taxation cases the subject is to be taxed, in accordance with a Court\hich\f103 \rquote \loch\f103 
s view of what it considers the substance of the transaction, the Court thinks that the case falls within the contemplation or spirit of the statue. The subject is not taxable by infere\hich\af103\dbch\af103\loch\f103 n\hich\af103\dbch\af103\loch\f103 
ce or by analogy, but only by the plain words of statute}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \b\fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 applicable to the facts and circumstances of his case.  As Lord Carins said many years ago in }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\i\fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Partington v Attorney-General [(1896) L.R. 4 H. L 100, 122]}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 \hich\f103 : \'93\loch\f103 As I understand the principle of all fisca\hich\af103\dbch\af103\loch\f103 
l legislation it is this:  If the person sought to be taxed comes within the letter of the law he must be taxed, however great the hardship may appear to the judicial mind to be.  On the other hand, if the Crown, seeking to recover the tax, cannot bring t
\hich\af103\dbch\af103\loch\f103 h\hich\af103\dbch\af103\loch\f103 \hich\f103 e subject within the letter of the law, the subject is free, however apparently within the spirit of the law the case might otherwise appear to be.\'94}{\rtlch\fcs1 
\af103\afs21 \ltrch\fcs0 \cs22\fs21\super\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \chftn {\footnote \ltrpar \pard\plain \ltrpar
\s20\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15080230 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \f31506\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 
\cs22\super\insrsid15080230 \chftn }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid15080230  }{\rtlch\fcs1 \af31506 \ltrch\fcs0 \dbch\af103\insrsid15080230\charrsid1723151 \hich\af31506\dbch\af103\loch\f31506 [1936] AC 1 at 24}}}{\rtlch\fcs1 \af103\afs21 
\ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 34.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid15080230\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 I\hich\af103\dbch\af103\loch\f103 n }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The Cape Brandy Syndicate v The Commissioner}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12938920\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\i\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103  of Inland Revenue}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 Rowlatt J \hich\af103\dbch\af103\loch\f103 said:
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15080230\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid15080230\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 Now of course it is \hich\af103\dbch\af103\loch\f103 
said and urged by Sir William Finlay that in a taxing Act clear words are necessary to tax the subject.  But it is often endeavored to give to that maxim a wide and fanciful construction.  It does not mean that words are to be unduly restricted against th
\hich\af103\dbch\af103\loch\f103 e\hich\af103\dbch\af103\loch\f103 
 Crown in such Acts.  It means this, I think; it means that in taxation you have to look simply at what is clearly said.  There is no room for any intendment: there is no equity about a tax; there is no presumption as to a tax; you read nothing in; you im
\hich\af103\dbch\af103\loch\f103 p\hich\af103\dbch\af103\loch\f103 \hich\f103 ly nothing, but you look fairly at what is said and at what is said clearly and that is the tax\'94.}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\cs22\fs21\super\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \chftn {\footnote \ltrpar \pard\plain \ltrpar\s20\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15080230 \rtlch\fcs1 
\af31507\afs20\alang1025 \ltrch\fcs0 \f31506\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \cs22\super\insrsid15080230 \chftn }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid9266055  [1921] 12 T}{\rtlch\fcs1 \af31507 
\ltrch\fcs0 \insrsid15080230 C 358 at 366}}}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15080230\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 35.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid817093\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 \hich\f103 Section 2 of the Act gives the meaning of the word \'93\loch\f103 \hich\f103 derived\'94\loch\f103 . 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid817093\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 Derived means:
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls40\adjustright\rin0\lin1440\itap0\pararsid817093\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 In the case of income tax, received or the arising of the right to receive as\hich\af103\dbch\af103\loch\f103  determined under section 37; or 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}\hich\af103\dbch\af103\loch\f103 \hich\f103 
In the case of any other tax imposed under this Act, received\'94.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103  
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid817093\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 36.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid817093\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 In relation to a dividend, the term derived must be taken to include income received or the arising of the right to receive income. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The term dividend is \hich\af103\dbch\af103\loch\f103 
defined by section 2 of the Act. The ordinarily understood meaning of distributing profits to a member of a company will suffice for the purpose of this matter.
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7023556\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid2639612\charrsid1844554 \hich\af103\dbch\af103\loch\f103 37.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid817093\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2639612\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant did not receive dividends after}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103  1 August 2017, }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2639612\charrsid1844554 \hich\af103\dbch\af103\loch\f103 when }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 all dividends were made exem\hich\af103\dbch\af103\loch\f103 pt income. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2639612\charrsid1844554 \hich\af103\dbch\af103\loch\f103 This }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 fact }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2639612\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 was relied on by }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
the respondent in seeking to deny the exemption. What the applicant received on disposal of the shares was a capital receipt resulting in large gains. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Section 67 (1) (d) }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 made }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 provi}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 sion}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 for }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 capital g\hich\af103\dbch\af103\loch\f103 ains }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 to be }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 exempt when }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7023556\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 such}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103  gain \hich\af103\dbch\af103\loch\f103 is \hich\af103\dbch\af103\loch\f103 
made on disposal of an asset that is }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 used solely to derive exempt income}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid817093\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7096833\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7096833\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7096833\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 38.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid6303048\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The enactment must be read as the deployment of the asset to derive exempt income, and nothing more. Whether exempt income resulted }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid13308532\charrsid1844554 \hich\af103\dbch\af103\loch\f103 from the asset }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 is not a\hich\af103\dbch\af103\loch\f103  necessary consideration. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid140131\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The declaration of dividends by a company depends on several factors. Firstly, there must be }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1404907\charrsid1844554 \hich\af103\dbch\af103\loch\f103 available }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid140131\charrsid1844554 \hich\af103\dbch\af103\loch\f103 distributable profits. The company\hich\f103 \rquote \loch\f103 s board must see it fit to make a declaration}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1404907\charrsid1844554 \hich\af103\dbch\af103\loch\f103  for distribution to its members}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid140131\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1404907\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Farleigh did \hich\af103\dbch\af103\loch\f103 not make profits for distribution. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12784187\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Taking these factors into account, t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid140131\charrsid1844554 \hich\af103\dbch\af103\loch\f103 he court is of the view that }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant is entitled to the exemption given by section 67 (1) (d) of the Act. 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15080230\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8936181\charrsid1844554 \hich\af103\dbch\af103\loch\f103 39.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid6303048\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8936181\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent referred to inconsistencies in the applicant\hich\f103 \rquote \loch\f103 s correspondence in regard to the transaction. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2519051\charrsid1844554 \hich\af103\dbch\af103\loch\f103 One such inconsistency is to be found in }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8936181\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the applicant\hich\f103 \rquote \loch\f103 s letter dated 3 April 2018}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2519051\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8936181\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The letter represented that the capital gain from the sale of sha\hich\af103\dbch\af103\loch\f103 
res will be subject to }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13308532\charrsid1844554 \hich\af103\dbch\af103\loch\f103 tax}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8936181\charrsid1844554 \hich\af103\dbch\af103\loch\f103  under section 65 of the Act.  
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1062930\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1062930\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid1062930\charrsid1844554 \hich\af103\dbch\af103\loch\f103 40.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid1062930\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1062930\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent submitted that the applicant}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid14959404\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \rquote }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1062930\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s claim for exemption was not raised initial}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14959404\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ly, and was only }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1062930\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 raised by letter dated 8 May 2018.\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9575167\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15080230\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8604853\charrsid1844554 \hich\af103\dbch\af103\loch\f103 41.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid1062930\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8604853\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 However, t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15080230\charrsid1844554 \hich\af103\dbch\af103\loch\f103 he applicant\hich\f103 \rquote \loch\f103 
s omission to claim the exemption at the outset or its exploration in seeking to pay a lesser sum as capital gains tax does not disentitle it from claiming an exemption made available by law. 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9575167\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9575167\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid15155288\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The consideration}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 42.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Issues 2 and 3 relate to the co\hich\af103\dbch\af103\loch\f103 nsideration received by the applicant for the disposal of the shares.  The applicant s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1923602\charrsid1844554 \hich\af103\dbch\af103\loch\f103 tates}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15155288\charrsid1844554 \hich\af103\dbch\af103\loch\f103 two}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1923602\charrsid1844554 \hich\af103\dbch\af103\loch\f103 types}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  of capital assets }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16653417\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \endash \loch\f103  share and debt \hich\f103 \endash \loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 were disposed 
}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15155288\charrsid1844554 \hich\af103\dbch\af103\loch\f103 under}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the share sale deed. These were the Farleigh share}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15155288\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 and the Starwood payables. The shares were di\hich\af103\dbch\af103\loch\f103 sposed through share transfers executed by the applicant. The Starwood payables were }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid684049\charrsid1844554 \hich\af103\dbch\af103\loch\f103 assigned}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 by deeds of novation and assignment, executed by the respective Starwood creditors. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3945588\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3945588\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3945588\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3945588\charrsid1844554 \hich\af103\dbch\af103\loch\f103 43.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3945588\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The share sale deed sets out the purchase price:
\par }\pard\plain \ltrpar\s27\qj \fi720\li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid9964481 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588\charrsid1844554 \'93Purchase Price \~\~\~\~\~\~\~\~\~\~ F$280,000,000 comprised of
\par }\pard\plain \ltrpar\s28\qj \li1440\ri0\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid3945588 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 
{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588\charrsid1844554 
\par }\pard \ltrpar\s28\qj \fi-360\li3240\ri0\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin3240\itap0\pararsid8982891 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588\charrsid1844554 (a)\~\~
F$155,000,000, payable in respect of Sale Shares which is subject to adjustment in accordance with Clause 5.1(b) at Completion\~}{\rtlch\fcs1 \ab\af37\afs21 \ltrch\fcs0 \b\f103\fs21\insrsid3945588\charrsid1844554 (}{\rtlch\fcs1 \ab\af37\afs21 \ltrch\fcs0 
\f103\fs21\insrsid3945588\charrsid1844554 \'93Sale Share Price\'94)}{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588\charrsid1844554 ; and
\par }\pard \ltrpar\s28\qj \li1080\ri0\sa200\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1080\itap0\pararsid3945588 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588\charrsid1844554 
\par }\pard \ltrpar\s28\qj \fi-360\li3240\ri0\sa200\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin3240\itap0\pararsid8982891 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588\charrsid1844554 (b)\~\~
The Starwood Payables Amount payable in respect of the assignment or novation of the Starwood Payables\'94.}{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid3945588 
\par }{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\insrsid15493481\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid348048\charrsid1844554 \hich\af103\dbch\af103\loch\f103 44.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid348048\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid348048\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Clause 5.1 (b) states: 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid348048\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid348048\charrsid1844554 
\par \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 The Starwood payables amount will be adjusted to be equal to the amount of the Starwood payables at completion. The share sale price will be adjusted to an amount equal to F$280,00
\hich\af103\dbch\af103\loch\f103 0,000 minus the amount of the Starwood payables o}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid9964481\charrsid1844554 \hich\af103\dbch\af103\loch\f103 n}{\rtlch\fcs1 \af103\afs21 
\ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid348048\charrsid1844554 \hich\af103\dbch\af103\loch\f103 \hich\f103  completion.\'94}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid348048\charrsid1844554 

\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid348048\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid348048\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 45.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The owners of the Starwood }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 \hich\af103\dbch\af103\loch\f103 p}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ayables were not parties to the share }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 sale }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 deed}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15155288\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16017731\charrsid1844554 \hich\af103\dbch\af103\loch\f103 said}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  that the share sale deed did not convey title to property}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , and that }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3037748\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the owners of the payables conveyed }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 \hich\af103\dbch\af103\loch\f103 title by a separate instrument}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103   
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 \hich\af103\dbch\af103\loch\f103 46.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid1656579\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11799883\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Section 66 (1) of the Act says that t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
he capital gain made by a person on the disposal of a capital asset is the consideration for the disposal reduced by the cost of the asset at the t\hich\af103\dbch\af103\loch\f103 ime of the disposal.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1656579\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16321423\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Section 86 of the Act }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
establishes the amount of consideration for the disposal of an asset for the purposes of the Act.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16321423\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 Section 86 (2) states t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
he consideration for disposal of an asset is the total amount received or receivable of the \hich\af103\dbch\af103\loch\f103 asset, including the fair market value of any consideration in kind determined at the time of the disposal.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8853285\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8853285\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid293784\charrsid1844554 \hich\af103\dbch\af103\loch\f103 47.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid293784\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent pointed to several factors }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5325959\charrsid1844554 \hich\af103\dbch\af103\loch\f103 based upon}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3945588\charrsid1844554 \hich\af103\dbch\af103\loch\f103  which it placed}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid293784\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  the consideration at $280,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3945588\charrsid1844554 \hich\af103\dbch\af103\loch\f103  in assessing the transaction\hich\f103 
\rquote \loch\f103 s capital gain}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid293784\charrsid1844554 \hich\af103\dbch\af103\loch\f103 .  
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12126465\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \hich\af103\dbch\af103\loch\f103 48.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The first concerned }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8272235\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \rquote \loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8272235\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \hich\af103\dbch\af103\loch\f103 letter }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8272235\charrsid1844554 \hich\af103\dbch\af103\loch\f103 dated 24 March 2018 which listed out the companies that made tenders to buy shares own\hich\af103\dbch\af103\loch\f103 ed
\hich\af103\dbch\af103\loch\f103  by the applicant in Farleigh and their indicati\hich\af103\dbch\af103\loch\f103 ve\hich\af103\dbch\af103\loch\f103  offers.  FNPF made an off\hich\af103\dbch\af103\loch\f103 er of $280}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1656579\charrsid1844554 ,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8272235\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 to purchase the shares and was the second highest bid\hich\af103\dbch\af103\loch\f103 der. Norwich\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 P\hich\af103\dbch\af103\loch\f103 
roperties made the highest bid of $305 million dollars. Turns\hich\af103\dbch\af103\loch\f103 tone\hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 C\hich\af103\dbch\af103\loch\f103 apital offered $250 million dollars.  }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid10226959\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 \hich\af103\dbch\af103\loch\f103 49.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent submitted that the applicant lodged a }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \hich\af103\dbch\af103\loch\f103 prelimi
\hich\af103\dbch\af103\loch\f103 nary }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 \hich\af103\dbch\af103\loch\f103 return }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \hich\af103\dbch\af103\loch\f103 for capital gains }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 on 22}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\super\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 \hich\af103\dbch\af103\loch\f103 March 2019 }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \endash \loch\f103  along with its tax clearance application \hich\f103 \endash \loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 setting out the transaction\hich\f103 \rquote \loch\f103 s consideration as $155,923,256.62}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 . In this return}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the applicant set out a capital gain of $139,083.714.53 and worked out the capital gains tax at $13,908,371.45 at the tax rate of 10%. }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid10226959\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10226959\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 \hich\af103\dbch\af103\loch\f103 50.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12126465\charrsid1844554 \hich\af103\dbch\af103\loch\f103 also }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 \hich\af103\dbch\af103\loch\f103 drew the court\hich\f103 \rquote \loch\f103 s attention to\hich\af103\dbch\af103\loch\f103  letter dated 17 May 2018 }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13840022\charrsid1844554 \hich\af103\dbch\af103\loch\f103 sent on behalf of the applicant by }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10910429\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the accou\hich\af103\dbch\af103\loch\f103 nting }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2700179\charrsid1844554 \hich\af103\dbch\af103\loch\f103 and advisory }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10910429\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 firm, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13840022\charrsid1844554 \hich\af103\dbch\af103\loch\f103 PWC, which }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 \hich\af103\dbch\af103\loch\f103 gave different sums \hich\af103\dbch\af103\loch\f103 as \hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 
purchase consideration for the shares and the Starwood payables. The share sale }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10910429\charrsid1844554 \hich\af103\dbch\af103\loch\f103 consideration }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 \hich\af103\dbch\af103\loch\f103 was given as $163,154,768.49 and the Starwood payables \hich\af103\dbch\af103\loch\f103 value as 
\hich\af103\dbch\af103\loch\f103 $113,845,231.54.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13840022\charrsid1844554 \hich\af103\dbch\af103\loch\f103  In this letter, th\hich\af103\dbch\af103\loch\f103 
e capital gain of $145,927,381.53 was shown as not attracting capital gains tax. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid1193530\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1193530\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 51.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid8273505\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5660988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 explained}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5660988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
this discrepancy by saying }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 that the share sale deed superse}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ded the letter of intent and }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 that under the share sale deed FNPF was required to pay an \hich\af103\dbch\af103\loch\f103 aggregate sum of $2}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13840022\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 80}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5660988\charrsid1844554 ,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  in return for all the shares in Farleigh and the Starwood payables. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8273505\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid1183997\charrsid1844554 \hich\af103\dbch\af103\loch\f103 52.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid9924264\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1183997\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Out of\hich\af103\dbch\af103\loch\f103  the aggregate consideration, t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 \hich\af103\dbch\af103\loch\f103 he}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1183997\charrsid1844554 \hich\af103\dbch\af103\loch\f103  applicant says,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 \hich\af103\dbch\af103\loch\f103  \hich\af103\dbch\af103\loch\f103 $157,807,723}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2309664\charrsid1844554 .00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 \hich\af103\dbch\af103\loch\f103  was paid for the Farleigh shares
\hich\af103\dbch\af103\loch\f103  and the\hich\af103\dbch\af103\loch\f103  balance sum of \hich\af103\dbch\af103\loch\f103 $119,192,227}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2309664\charrsid1844554 .00}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8273505\charrsid1844554 \hich\af103\dbch\af103\loch\f103  was \hich\af103\dbch\af103\loch\f103 settled \hich\af103\dbch\af103\loch\f103 by way of an assignment of d
\hich\af103\dbch\af103\loch\f103 ebt}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9924264\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . \hich\af103\dbch\af103\loch\f103 N}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 \hich\af103\dbch\af103\loch\f103 o gain or loss }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9924264\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 was }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 \hich\af103\dbch\af103\loch\f103 made on }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9924264\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the assignment of the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Starwood payables. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The respondent submitted that the consideration received by the applicant for the disposal of these shares was $280}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13845557\charrsid1844554 ,000,000.00}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 \hich\af103\dbch\af103\loch\f103  less $3}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13845557\charrsid1844554 
,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9924264\charrsid1844554 \hich\af103\dbch\af103\loch\f103 as adjustment }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 for }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9924264\charrsid1844554 \hich\af103\dbch\af103\loch\f103 payment to }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 \hich\af103\dbch\af103\loch\f103 land owners.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3241139\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 \hich\af103\dbch\af103\loch\f103 53.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid12796729\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The \hich\af103\dbch\af103\loch\f103 respondent stated that the initial bid amount \hich\af103\dbch\af103\loch\f103 is described as the purchase price in the share sale deed. \hich\af103\dbch\af103\loch\f103 It says it is 
\hich\af103\dbch\af103\loch\f103 justified in taking th\hich\af103\dbch\af103\loch\f103 e full \hich\af103\dbch\af103\loch\f103 amount as the consideration for the \hich\af103\dbch\af103\loch\f103 share \hich\af103\dbch\af103\loch\f103 sale 
\hich\af103\dbch\af103\loch\f103 for tax\hich\af103\dbch\af103\loch\f103  purposes\hich\af103\dbch\af103\loch\f103 , while \hich\af103\dbch\af103\loch\f103 it is the applicant\loch\af103\dbch\af103\hich\f103 \rquote \loch\f103 s
\hich\af103\dbch\af103\loch\f103  prerogative in how it distributes and declares the full consideration. The respondent stated that the valuations done by Knight Frank on \hich\af103\dbch\af103\loch\f103 the purchaser\hich\f103 \rquote \loch\f103 s 
\hich\af103\dbch\af103\loch\f103 instruction was confirmation that the shares were purchased at t\hich\af103\dbch\af103\loch\f103 he \hich\af103\dbch\af103\loch\f103 aggregate \hich\af103\dbch\af103\loch\f103 value of the \hich\af103\dbch\af103\loch\f103 
three \hich\af103\dbch\af103\loch\f103 entities\hich\af103\dbch\af103\loch\f103  that operated under Farleigh.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6566324\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 \hich\af103\dbch\af103\loch\f103 54.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid12796729\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2309664\charrsid1844554 \hich\af103\dbch\af103\loch\f103 respondent s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4403327\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ubmitted}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2309664\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 that the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 \hich\af103\dbch\af103\loch\f103 total average value of Sheraton Fiji Resort,\hich\af103\dbch\af103\loch\f103 
 Denarau Golf and Racquet Club and Associated Development land and Westin Island Resort \hich\af103\dbch\af103\loch\f103 &\hich\af103\dbch\af103\loch\f103  Spa was $285 mil\hich\af103\dbch\af103\loch\f103 lion dollars. \hich\af103\dbch\af103\loch\f103 
The three entities operated under Farleigh. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The respondent stated that the average value of the 
\hich\af103\dbch\af103\loch\f103 three\hich\af103\dbch\af103\loch\f103  entities \hich\af103\dbch\af103\loch\f103 operated by Farleigh }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2309664\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 is }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103 equivalent to the amount which FNPF \hich\af103\dbch\af103\loch\f103 
bid to purchase the \hich\af103\dbch\af103\loch\f103 shares.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12796729\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 55.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid9317971\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 
The valuations were carried out on 26 January 2018 by New Zealand based valuation firm, Knight Frank under instruction from FNPF. Sheraton Fiji Resort was valued at $142,500,000.00, Denarau Golf & Racquet Club and Associated Development Land at $38,000,00
0\hich\af103\dbch\af103\loch\f103 .00 and the Westin Denarau island Resort Resort & Spa at $104,500,000.00. 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9317971\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 56.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid9317971\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The valuation}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9702503\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s were, however, in respect of the }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12592177\charrsid1844554 \hich\af103\dbch\af103\loch\f103 tourism}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9702503\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 properties}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12592177\charrsid1844554 \hich\af103\dbch\af103\loch\f103  operated by Farleigh}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8464006\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 . These }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9702503\charrsid1844554 \hich\af103\dbch\af103\loch\f103 properties }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8464006\charrsid1844554 \hich\af103\dbch\af103\loch\f103 were valued for the purpose of mortgage finance. The valuations were not o\hich\af103\dbch\af103\loch\f103 f }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8464006\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
Farleigh }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 shares. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9973208\charrsid1844554 \hich\af103\dbch\af103\loch\f103 In the case of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Sheraton Fiji Resort}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9973208\charrsid1844554 \hich\af103\dbch\af103\loch\f103  an}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6891255\charrsid1844554 \hich\af103\dbch\af103\loch\f103 d W}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9973208\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
estin Denarau Island Resort & Spa, the interests valued were of the leasehold of the properties}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . In }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13465781\charrsid1844554 \hich\af103\dbch\af103\loch\f103 regard to}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103  Denarau Golf & Resort Club, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9973208\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 the report says, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9973208\charrsid1844554 \hich\af103\dbch\af103\loch\f103 interest valued is the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 market \hich\af103\dbch\af103\loch\f103 value of the leasehold interest (crown lease)}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9973208\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103  particularly pertaining to the potential individual lots and the underlying block value.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9317971\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 57.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid9317971\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 There is no evidence that the total assets of the three properties add up to the net assets or net book value of Farlei\hich\af103\dbch\af103\loch\f103 
gh. The share value of the company is a reflection of its total assets less its liabilities \hich\f103 \endash \loch\f103  current and long term. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2371596\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 T}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 \hich\af103\dbch\af103\loch\f103 he FNPF }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2371596\charrsid1844554 \hich\af103\dbch\af103\loch\f103 financial statements tendered to court show}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  that the consideration for the acquisition of the Farleigh shares includes goodwill of\hich\af103\dbch\af103\loch\f103  $16,885,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid74541\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , which is mainly attributed to the Marriot brand name}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 .
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9317971\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9317971\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103 58.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid12796729\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent also pointed out that the}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 \hich\af103\dbch\af103\loch\f103  consideration }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103 shown }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 for stamp duty purposes on the share transfer document }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103 wa}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s $280}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 
,000,000.00}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103 On the basis of the disclosed consideration, t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 \hich\af103\dbch\af103\loch\f103 h\hich\af103\dbch\af103\loch\f103 e seller paid a stamp duty of $8,\hich\af103\dbch\af103\loch\f103 400,000.00.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11866517\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid15351251\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
In response, t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid468373\charrsid1844554 \hich\af103\dbch\af103\loch\f103 h}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15351251\charrsid1844554 \hich\af103\dbch\af103\loch\f103 e applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid468373\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 explained that stamp duty was paid on the full consideration covering both types of assets conveyed by the transaction. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12796729\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8272235\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8272235\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af31507 \ltrch\fcs0 \b\f103\insrsid1595558\charrsid1844554 \hich\af103\dbch\af31506\loch\f103 59.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid1595558\contextualspace \cbpat8 {\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1595558\charrsid1844554 The way in which the }{\rtlch\fcs1 \af31507\afs24 
\ltrch\fcs0 \f103\fs24\insrsid12733384\charrsid1844554 full }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1595558\charrsid1844554 acquisition }{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid12733384\charrsid1844554 of Farleigh }{
\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1595558\charrsid1844554 is recorded by the purchaser is relevant. The FNPF annual report 201}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid6439597\charrsid1844554 8}{\rtlch\fcs1 
\af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid1595558\charrsid1844554  stated}{\rtlch\fcs1 \af31507\afs24 \ltrch\fcs0 \f103\fs24\insrsid15949732\charrsid1844554 :}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1595558\charrsid1844554 
\par }\pard\plain \ltrpar\s29\qj \li1440\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid15949732 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 \'93On 24 May 2018, FNPF acquired 100% shareholding in Farleigh Limited (the holding company) from Fiji Caymans Holdings for a consideration of $157,808,000.\~ FNPF acquired Farleigh
 Limited as part of its growth and diversification strategy to increase their footprint in the tourism sector in order to enhance the return on its member\rquote s fund.\~
 Farleigh Limited owns the Sheraton Fiji Resort, the Westin Denarau Island Resort and Rylestone Limited \endash  an entity which owns the Denarau Golf and Racquet Club and the Residential Villas.\~
 The shares purchased comprised of 70 preference shares and 3 ordinary shares. Goodwill of $16,855,000 was recognized as the excess of the consideration transferred over the fair value of the net assets of $140,923,000.\~
 The fair values of the identifiable assets and liabilities of Farleigh Limited at the date of acquisition were:
\par }\pard \ltrpar\s29\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid15949732 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 \~
\par }\pard \ltrpar\s29\qj \fi720\li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15949732 \cbpat8 {\rtlch\fcs1 \ab\af37\afs21 \ltrch\fcs0 \b\f103\fs21\insrsid15949732\charrsid1844554 Farleigh Limited}{\rtlch\fcs1 
\af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
\par }\pard \ltrpar\s29\qj \li1440\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid15949732 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
FNPF entered into a Share Sale Deed with Marriot International, Inc}{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid14693592\charrsid1844554 .}{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
 and Fiji Cayman Holdings for the acquisition of the 100% shares in Farleigh Limited, the Holding Company for $157,808,000 which was made up of Debt and Equity.\~ The debt novated under Farleigh Limited to the Fund amounted to $82,220,000.\~ The interest
 rate on the loan is 5.00% p.a\~fixed for 3 years, with the loan maturing on 24 May 2033.\~ The loan is payable on quarterly basis amounting to $1,955,932 inclusive of interest and principal.
\par }{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid13392944\charrsid1844554 
\par }{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 \tab          The loan is secured by:}{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid8982891\charrsid1844554 
\par }{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid13392944\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s31 \rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 \hich\af103\dbch\af0\loch\f103 (i)\tab}}\pard\plain \ltrpar\s31\qj \fi-619\li2604\ri0\sl253\slmult0
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 
\f103\fs21\insrsid2251962\charrsid1844554 First Registered Mortgage over NL 13796 described as Lot 1, Denarau
\par }\pard \ltrpar\s31\qj \li2604\ri0\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
Island being the Westin property
\par 
\par {\listtext\pard\plain\ltrpar \s31 \rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 \hich\af103\dbch\af0\loch\f103 (ii)\tab}}\pard \ltrpar\s31\qj \fi-619\li2604\ri0\sl253\slmult0
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
First registered Mortgage over State Lease No. 13451 described as Lots 1,
\par }\pard \ltrpar\s31\qj \li2604\ri0\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
 2 and 3 on SO. 3705 being the Golf Course & Racquet Club.
\par 
\par {\listtext\pard\plain\ltrpar \s31 \rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 \hich\af103\dbch\af0\loch\f103 (iii)\tab}}\pard \ltrpar\s31\qj \fi-619\li2604\ri0\sl253\slmult0
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 First registered Mortgage over State Lease No. 
19370 described as Lot 9 on SO. 5005 being Dump Site and ponds.
\par }\pard \ltrpar\s31\qj \li2604\ri0\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s31 \rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 \hich\af103\dbch\af0\loch\f103 (iv)\tab}}\pard \ltrpar\s31\qj \fi-619\li2604\ri0\sl253\slmult0
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls45\adjustright\rin0\lin2604\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
First registered Mortgage over Sate Lease No. 19371 described as Lot 7 on SO. 5005 being the residential dwelling.
\par }\pard\plain \ltrpar\s29\qj \li1440\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid15949732 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
\par }\pard \ltrpar\s29\qj \fi720\li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15949732 \cbpat8 {\rtlch\fcs1 \ab\af37\afs21 \ltrch\fcs0 \b\f103\fs21\insrsid15949732\charrsid1844554 Barton Limited}{\rtlch\fcs1 
\af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
\par }\pard \ltrpar\s29\qj \li1440\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid15949732 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
The debt novated under Barton Limited amounted to $36,980,000 as part of the Starwood Properties acquisition.\~ The interest rate on the loan is fixed at 5.00% for 3 years, with the loan maturing on 24 May 2033.\~
The loan is payable in quarterly repayment of $879,644 inclusive of interest and principal.
\par }\pard \ltrpar\s29\qj \fi720\li720\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid15949732 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
\par }\pard \ltrpar\s29\qj \fi720\li2160\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2160\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 The loan is secured by:
\par }{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid13392944\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s30 \rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 \hich\af103\dbch\af0\loch\f103 (i)\tab}}\pard\plain \ltrpar\s30\qj \fi-720\li2880\ri0\sl253\slmult0
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin2880\itap0\pararsid2251962 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 
\f103\fs21\insrsid15949732\charrsid1844554 First Registered Mortgage over NL.14619 described as Lot 2 on SO.4946 being}{\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554  the Sheraton Property.}{\rtlch\fcs1 \af37\afs21 
\ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
\par }\pard \ltrpar\s30\qj \li2880\ri0\sl253\slmult0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin2880\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid2251962\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s30 \rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 \hich\af103\dbch\af0\loch\f103 (ii)\tab}}\pard \ltrpar\s30\qj \fi-720\li2880\ri0\sl253\slmult0
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls46\adjustright\rin0\lin2880\itap0\pararsid2251962 \cbpat8 {\rtlch\fcs1 \af37\afs21 \ltrch\fcs0 \f103\fs21\insrsid15949732\charrsid1844554 
First Registered Debenture over all the assets and undertakings of Barton Ltd.\~(This is a fixed and floating charge over all present and future assets, undertakings (including good will) and unpaid/uncalled capital of the company\'94.
\par }\pard\plain \ltrpar\s29\qj \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid8982891 \cbpat8 \rtlch\fcs1 \af0\afs24\alang1025 \ltrch\fcs0 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af37\afs22 \ltrch\fcs0 \f37\fs22\insrsid15949732\charrsid1844554 \~}{\rtlch\fcs1 \af37\afs22 \ltrch\fcs0 \f37\fs22\insrsid1595558\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 60.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 FNPF recorded the Farleigh share transfer at a consideration of $157,808,000.00. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14771785\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The fund}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 puts the fair value of net assets at $140,923,000.00, which is less than th\hich\af103\dbch\af103\loch\f103 
e transaction sum. The balance $16,885,000.00 is shown as goodwill. This valuation can be said to fairly represent the entirety of the Farleigh shareholding. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11010992\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid4528396\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 \hich\af103\dbch\af103\loch\f103 61.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid13392944\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The report of the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1718427\charrsid1844554 \hich\af103\dbch\af103\loch\f103 board of directors of FNPF says:}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1718427\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid13392944\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1718427\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid13392944\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 On 24 May 2018, FNPF acquired 100% \hich\af103\dbch\af103\loch\f103 
shareholding in Farleigh Limited (the holding company) from Fiji Caymans Holdings for a consideration of $157,800,000.00}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid1718427\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \'94}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid1403033\charrsid1844554 \hich\af103\dbch\af103\loch\f103   }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4528396\charrsid1844554 \hich\af103\dbch\af103\loch\f103  
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11010992\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11010992\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 \hich\af103\dbch\af103\loch\f103 62.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid6566324\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The assignment removed the debt as an asset in the creditor\hich\f103 \rquote \loch\f103 s balance sheet and made it an asset owned by FNPF. The Starwood paya\hich\af103\dbch\af103\loch\f103 bles became receivables in FNPF
\hich\f103 \rquote \loch\f103 s books upon assignment of the debts. As the new owner of the asset, FNPF became entitled to capital and interest on the receivables. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11800085\charrsid1844554 \hich\af103\dbch\af103\loch\f103 FNPF paid a price for acquiring the receivables. The price recorded as such is the conside\hich\af103\dbch\af103\loch\f103 ration for the debt. }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The purchaser\hich\f103 \rquote \loch\f103 s annual report shows the value of the receivables it has acquired. 

\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid6566324\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 \hich\af103\dbch\af103\loch\f103 63.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 I}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 t is clear}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6566324\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , therefore,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  that the consideration was in respect of both }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7098935\charrsid1844554 \hich\af103\dbch\af103\loch\f103 share }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 sale}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7098935\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103  and the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7098935\charrsid1844554 \hich\af103\dbch\af103\loch\f103 assignment}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 of the loan payables. The valuations }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7098935\charrsid1844554 \hich\af103\dbch\af103\loch\f103 by Knigh\hich\af103\dbch\af103\loch\f103  Frank on behalf of the purchaser 
}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \hich\af103\dbch\af103\loch\f103 are clearly of the properties, and do not necessarily reflect that of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16122563\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Farleigh}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 \loch\af103\dbch\af103\hich\f103 
\rquote \loch\f103 s share value.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8654734\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 64.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16321423\charrsid1844554 \hich\af103\dbch\af103\loch\f103 applicant referred the court to the judgment in }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid16321423\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Spectros International Plc v Madden}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16321423\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10109694\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
in which the court said the law respect\hich\af103\dbch\af103\loch\f103 
s the freedom of the parties to a transaction to frame and formulate their agreement as they wish to suit their legitimate interests as long as the form adopted is genuine.  The court stated}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 :
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11415897\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid11415897\contextualspace {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\loch\f103 What is the relevant consideration may depend upon the terms \hich\af103\dbch\af103\loch\f103 
and form of the transaction adopted by the parties.  The parties to a proposed transaction frequently can achieve the same practical and economic result by different methods.  Take for example the position of the owners of the entire issued capital of a c
\hich\af103\dbch\af103\loch\f103 o\hich\af103\dbch\af103\loch\f103 
mpany with gross assets of $2 million and net assets (after discharging a debt of $1 million owed to the owner or someone else of $1 million.  The shares are worth $1 million, but would be increased to $2 million if the owner at his own cost and for the b
\hich\af103\dbch\af103\loch\f103 e\hich\af103\dbch\af103\loch\f103 
nefit of the company released or discharged the debt.  IN this situation, the owner may agree to sell his share for $1 million or, on condition that he first releases or discharges the debt for $2 million.}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\b\fs21\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
The law respects the freedom of the parties to a transaction to frame and formulate their agreement as they wish and to suit their own legitimate interests (taxation and otherwise) and, so long as the form adopted in genuine, and not a sham, honest, and n
\hich\af103\dbch\af103\loch\f103 o\hich\af103\dbch\af103\loch\f103 
t a fraud on someone else, and does not contravene some established principle of public policy, the court will give effect to the method adopted.  But as a corollary to this freedom, where the parties have chosen one method, it is not open to them to invi
\hich\af103\dbch\af103\loch\f103 t\hich\af103\dbch\af103\loch\f103 
e the court to treat as adopted some other method because it is more advantageous to them, because it leads to the same practical and economic result and because it is the more obvious and sensible method to have adopted.  If the question is raised what m
\hich\af103\dbch\af103\loch\f103 e\hich\af103\dbch\af103\loch\f103 thod has been adopted and the transaction is in writing, the answer must be found in the true construction of the document or documents read in the light of all the relevant circumstances}
{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \b\fs21\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 \hich\af103\dbch\af103\loch\f103 If the terms of the documents are clear, that is the end of the que\hich\af103\dbch\af103\loch\f103 \hich\f103 stion.\'94}{\rtlch\fcs1 \af103\afs21 
\ltrch\fcs0 \cs22\fs21\super\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 \chftn {\footnote \ltrpar \pard\plain \ltrpar\s20\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid11415897 
\rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \f31506\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 \cs22\super\insrsid11415897 \chftn }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid11415897 
 [1997] STC 114, 70 TC 349}}}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11415897\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11415897\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid8990650\charrsid1844554 \hich\af103\dbch\af103\loch\f103 65.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8990650\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 For these reasons it is reasonable to conclude that t}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6507385\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
he consideration of $280,000,000.00 was for the composite transaction}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8990650\charrsid1844554 \hich\af103\dbch\af103\loch\f103  including the assignment of debt}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6507385\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , and not solely for the transfer of the applicant\hich\f103 \rquote \loch\f103 
s ordinary and preference shares in Farl\hich\af103\dbch\af103\loch\f103 eigh. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6188185\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13583346\charrsid1844554 \hich\af103\dbch\af103\loch\f103  
\par }\pard\plain \ltrpar\qj \li0\ri0\sb160\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid4132130 \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 \tab }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Is the transaction}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  a tax avoidance scheme?\tab 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 66.\tab}}\pard\plain \ltrpar\s15\qj \fi-720\li720\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3241139\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 In its objection decision, the respondent stated that the applicant\hich\f103 \rquote \loch\f103 
s interpretation of the law is a tax avoidance scheme to suit the best interest of its business. The respondent noted that Farleigh has never paid dividends. Hence, the respondent said, s\hich\af103\dbch\af103\loch\f103 e\hich\af103\dbch\af103\loch\f103 
ction 67 (1) (d) cannot apply because the shares have not been used solely to derive exempt income.  As such, the respondent concluded, there }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2456641\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 are}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103  reasonable grounds }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2456641\charrsid1844554 \hich\af103\dbch\af103\loch\f103 to say }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
that a scheme exists and is designed to reduce CGT liability. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16466604\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 67.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3241139\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent relie\hich\af103\dbch\af103\loch\f103 d upon its standard interpretation guideline 2018. 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5066158\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 \hich\af103\dbch\af103\loch\f103 68.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid5066158\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Section}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  102 of the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Act states: }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (1)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin1440\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \'93}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Notwithstanding this Act, if the CEO is satisfied that \hich\f103 \endash 
\loch\f103  
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard \ltrpar\s15\qj \fi-360\li1800\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls32\adjustright\rin0\lin1800\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 A tax avoidance scheme has been entered into or carried out; and 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}\hich\af103\dbch\af103\loch\f103 A person has obtained a tax benefit in 
\hich\af103\dbch\af103\loch\f103 connection with the tax avoidance  scheme,
\par }\pard\plain \ltrpar\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid3159919 \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
the CEO may determine the tax liability of the person who obtained the tax benefit as if the tax avoidance scheme has not been entered into or carried out and can make compensating adjustments to the tax liability\hich\af103\dbch\af103\loch\f103 
 of any other person affected by the tax avoidance scheme.
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (2)\tab}}\pard\plain \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin1440\itap0\pararsid3159919\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
When a resident person has entered into a transaction that directly or indirectly has the effect that income is foreign-source income derived through a non-resident entity that is connected to a ta\hich\af103\dbch\af103\loch\f103 
x haven, the CEO may adjust the income and foreign tax credit position of the resident person to reverse the tax effect of the transaction 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid5066158\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid5066158\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (3)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin1440\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 If a determination or adjustment is made under this section, the CEO must issue an assessment giving effect to the \hich\af103\dbch\af103\loch\f103 determination or adjustment 
\par }\pard \ltrpar\s15\qj \li1440\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1440\itap0\pararsid3241139\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (4)\tab}}\pard \ltrpar\s15\qj \fi-360\li1440\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls31\adjustright\rin0\lin1440\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 \fs21\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 A determination or adjustment under this section must be made within 7 years from the last day of the tax year to which the determination or adjustment relates}{\rtlch\fcs1 \af103\afs21 \ltrch\fcs0 
\fs21\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'94}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5787539\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2906615\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 \hich\f103 The term \'93\hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 \hich\f103 cheme\'94\hich\af103\dbch\af103\loch\f103 
 includes a course of action and an agreement, arrangement, promise, plan, proposal, or undertaking, whether express or implied\hich\af103\dbch\af103\loch\f103  and whether or not enforceable. 
\par }\pard\plain \ltrpar\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5787539 \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \loch\af103\dbch\af103\hich\f103 \'93\hich\af103\dbch\af103\loch\f103 Tax avoidance
\hich\af103\dbch\af103\loch\f103  scheme\loch\af103\dbch\af103\hich\f103 \'94\loch\f103  is defined to mean \hich\af103\dbch\af103\loch\f103 any scheme, whether entered into by a person affected\hich\af103\dbch\af103\loch\f103 
 by the scheme or by another person, that directly or indirectly-\hich\af103\dbch\af103\loch\f103 (a) \hich\af103\dbch\af103\loch\f103 has avoidance as its purpose or effect; or \hich\af103\dbch\af103\loch\f103 (b) \hich\af103\dbch\af103\loch\f103 
has tax avoidance as one of its purposes or effect, if the tax avoidance purpose or effect is not merely i\hich\af103\dbch\af103\loch\f103 ncidental.
\par }\pard \ltrpar\qj \fi720\li0\ri0\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid5768692 \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 
\loch\af103\dbch\af103\hich\f103 \'93\loch\f103 Tax benefit\loch\af103\dbch\af103\hich\f103 \'94\hich\af103\dbch\af103\loch\f103  means\hich\af103\dbch\af103\loch\f103  \hich\f103 \endash 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (a)\tab}}\pard\plain \ltrpar\s15\qj \fi-360\li1800\ri0\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls34\adjustright\rin0\lin1800\itap0\pararsid5768692\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 a\hich\af103\dbch\af103\loch\f103  reduction in a liability to pay tax;
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (b)\tab}}\pard \ltrpar\s15\qj \fi-360\li1800\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls34\adjustright\rin0\lin1800\itap0\pararsid5787539\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 a postponement of a liability to pay tax;
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (c)\tab}\hich\af103\dbch\af103\loch\f103 an entitlement to a refund 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (d)\tab}\hich\af103\dbch\af103\loch\f103 an increase in a tax credit;
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (e)\tab}\hich\af103\dbch\af103\loch\f103 
any other advantages arising because of a delay in payment of tax; or 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 \hich\af103\dbch\af103\loch\f103 (f)\tab}}\pard \ltrpar\s15\qj \fi-360\li1800\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls34\adjustright\rin0\lin1800\itap0\pararsid5768692\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 anything that causes gross income to be exempt i\hich\af103\dbch\af103\loch\f103 \hich\f103 ncome, a capital gain to be an exempt capital gain, or a fringe benefit to be an exempt fringe benefit; and \'85.\'94
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid5787539\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid5787539\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 69.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid14099885\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent submitted that there was only one disposal made for the purpose of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 part 3 of the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Act. This was the disposal of a capital asset comprising }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7282319\charrsid1844554 \hich\af103\dbch\af103\loch\f103 3}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  ordinary and }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7282319\charrsid1844554 \hich\af103\dbch\af103\loch\f103 70}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  preference share}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  owned in Farleigh}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2124012\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , and }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
that this w}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3241139\charrsid1844554 \hich\af103\dbch\af103\loch\f103 as}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the only Fiji capital asset owned by the applicant. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid14099885\charrsid1844554 \hich\af103\dbch\af103\loch\f103 It }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6837105\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
says the applicant was not the owner of the Starwood payables, and, \hich\af103\dbch\af103\loch\f103 therefore, could not have transferred ownership to FNPF.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 \hich\af103\dbch\af103\loch\f103 70.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The initial letter of intent made no reference to the Starwood payables. This prompted the respondent to question the applicant\hich\f103 \rquote \loch\f103 
s motive in adopting a different structure in its final form as given \hich\af103\dbch\af103\loch\f103 in the share sale deed.
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid7282319\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid7282319\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 71.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent states}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 that instead of drawing up a complex transaction, the debt from the Starwood payable}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2255966\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  could have been paid from the share sale proceeds.   }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15599049\charrsid1844554 \hich\af103\dbch\af103\loch\f103 It}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid7020434\charrsid1844554 \hich\af103\dbch\af103\loch\f103 made reference to }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the decision in }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Ben Nevis Forestry Ventures Ltd v\hich\af103\dbch\af103\loch\f103  Commissioner of Inland Revenue}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \cs22\i\fs24\super\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\chftn {\footnote \ltrpar \pard\plain \ltrpar\s20\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \f31506\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {
\rtlch\fcs1 \af31507 \ltrch\fcs0 \cs22\super\insrsid2716078 \chftn }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid2716078  [}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2716078\charrsid12063988 
\hich\af103\dbch\af103\loch\f103 2009}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2716078 \hich\af103\dbch\af103\loch\f103 ]}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2716078\charrsid12063988 \hich\af103\dbch\af103\loch\f103  2}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2716078 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2716078\charrsid12063988 \hich\af103\dbch\af103\loch\f103 NZLR 289}}}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 ,}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 in which the court }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 took}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  into consideration the manner in which an arrangement was carried out}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid15599049\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  when determining }{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 its}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103  commercial and economic reality. In this instance, the respondent submitted, the applicant chose a more complex arrange}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ment by including the Starwood p}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 ayables as part of the purchase price whereby the value of the share is determine}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 d}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  by the amount of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 Starwood p}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ayable}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 s}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  at the time of the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 share }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
sale. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12063988\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 72.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The r}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 espondent said that }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
applicant split the purchase price so that there were two disposals so as to allow a deduction for the payables on the value of consideration.  By this}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the actual value of the
\hich\af103\dbch\af103\loch\f103  shares established by the valuation report was substantially reduced giving the applicant }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12063988\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 a}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 significant tax benefit.  The respondent suggested that it would have been much simpler for the applicant upon receipt of $280 million dollars to pay off the liabi\hich\af103\dbch\af103\loch\f103 lities owed to the Starwood creditors.  By this}{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 , the respondent says,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  Barton and Farleigh would have become debt free from the Starwood creditors and also from FNPF. 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid8654734\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid8654734\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 73.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid10366194\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent states that the legal consequences of the transaction would not be affected by }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8668245\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 how }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the buyer has declared its in\hich\af103\dbch\af103\loch\f103 
vestment in its annual report. \hich\af103\dbch\af103\loch\f103 The respondent submitted that the deed of novation is of no significance as the applicant is not a\hich\af103\dbch\af103\loch\f103  party to it and that for CGT purposes}{\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10749455\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10366194\charrsid1844554 \hich\af103\dbch\af103\loch\f103  only 
\hich\af103\dbch\af103\loch\f103 the \hich\af103\dbch\af103\loch\f103 seller and the buyer mentioned in the share sale deed would be considered along with the consideration for the share sale.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12213987\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 74.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid10366194\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent referred to the \hich\af103\dbch\af103\loch\f103 H\hich\af103\dbch\af103\loch\f103 ouse of \hich\af103\dbch\af103\loch\f103 L\hich\af103\dbch\af103\loch\f103 ords decision in }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Inland Revenue \hich\af103\dbch\af103\loch\f103 Commission\hich\af103\dbch\af103\loch\f103 er \hich\af103\dbch\af103\loch\f103 
v McGuckian}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \cs22\i\fs24\super\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \chftn {\footnote \ltrpar \pard\plain \ltrpar
\s20\ql \li0\ri0\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin0\itap0\pararsid12213987 \rtlch\fcs1 \af31507\afs20\alang1025 \ltrch\fcs0 \f31506\fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af31507 \ltrch\fcs0 
\cs22\super\insrsid12213987 \chftn }{\rtlch\fcs1 \af31507 \ltrch\fcs0 \insrsid12213987  [1997] 1 WLR 991}}}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \i\fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
in which the court held that in constructing tax legislation, the statutory provisions were to be applied to the substance of the transaction disregarding artificial steps in the composite transaction or series of transaction inserted only 
\hich\af103\dbch\af103\loch\f103 
for the purpose of seeking to obtain a tax advantage.  In that case the court held that the only possible inference was that an assignment of the right to the dividend by the tax payer was inserted for the sole purpose of gaining a tax advantage.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2955337\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 75.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid2955337\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent\hich\f103 \rquote \loch\f103 s witness, its principal auditor, \hich\af103\dbch\af103\loch\f103 Richard Bieskoto, gave evidence\hich\af103\dbch\af103\loch\f103  and said there was n
\hich\af103\dbch\af103\loch\f103 o commercial sense\hich\af103\dbch\af103\loch\f103  in the transaction\hich\af103\dbch\af103\loch\f103 . \hich\af103\dbch\af103\loch\f103 He made reference to the applicant\hich\f103 \rquote \loch\f103 s i
\hich\af103\dbch\af103\loch\f103 ncome tax return for \hich\af103\dbch\af103\loch\f103 the year\hich\af103\dbch\af103\loch\f103  2017 and \hich\af103\dbch\af103\loch\f103 its \hich\af103\dbch\af103\loch\f103 directors\hich\f103 \rquote \loch\f103  report
\hich\af103\dbch\af103\loch\f103 , which showed the\hich\af103\dbch\af103\loch\f103 re was no declaration of \hich\af103\dbch\af103\loch\f103 dividend\hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103 . \hich\af103\dbch\af103\loch\f103 
The applicant was also not the owner of the assigned debt. The witness said the transaction was for the purpose of a tax benefit.}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2955337\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 \hich\af103\dbch\af103\loch\f103 76.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid2955337\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 In cross examination, }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 however, the respondent\hich\f103 \rquote \loch\f103 
s witness }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 \hich\af103\dbch\af103\loch\f103 admitted that the seller and the \hich\af103\dbch\af103\loch\f103 
purchaser of the shares were not related. \hich\af103\dbch\af103\loch\f103 Starwood creditors \hich\af103\dbch\af103\loch\f103 are\hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 also }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
not related }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 parties }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 \hich\af103\dbch\af103\loch\f103 to FNPF. \hich\af103\dbch\af103\loch\f103 He agreed that there is no \hich\af103\dbch\af103\loch\f103 accusation of \hich\af103\dbch\af103\loch\f103 a 
\hich\af103\dbch\af103\loch\f103 sham}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103  concerning the transaction}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid2955337\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid2955337\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 77.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid12213987\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The applicant and FNPF entered into an arms-length transaction. The transaction\hich\af103\dbch\af103\loch\f103  took place in the way it was documented in the share sale deed. It is not inconsistent with 
\hich\af103\dbch\af103\loch\f103 the way in which \hich\af103\dbch\af103\loch\f103 commercial transaction\hich\af103\dbch\af103\loch\f103 s\hich\af103\dbch\af103\loch\f103  are arranged.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid12213987\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid9204199\charrsid1844554 \hich\af103\dbch\af103\loch\f103 78.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9204199\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Lisa Jane Apted\hich\af103\dbch\af103\loch\f103 , a chartered accountant attached to KPMG }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 giving evidence for}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9204199\charrsid1844554 \hich\af103\dbch\af103\loch\f103  the applicant}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103  said}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9204199\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
 that the sale of shares and debt is common in mergers and acquisitions, an area in which she }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 said she }{
\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid9204199\charrsid1844554 \hich\af103\dbch\af103\loch\f103 has experience. 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16466604\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 79.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent has not established that the transaction or the claim for exemption was a tax avoidance scheme. 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid9204199\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid9204199\charrsid1844554 
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li720\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid16466604\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Conclusion
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 \hich\af103\dbch\af103\loch\f103 80.\tab}}\pard \ltrpar\s15\qj \fi-720\li720\ri0\sb160\sa220\sl276\slmult1
\widctlpar\wrapdefault\aspalpha\aspnum\faauto\ls15\adjustright\rin0\lin720\itap0\pararsid3159919\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12213987\charrsid1844554 \hich\af103\dbch\af103\loch\f103 applic\hich\af103\dbch\af103\loch\f103 ant\hich\f103 \rquote \loch\f103 
s claim for exemption }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 of capital gains tax }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 \hich\af103\dbch\af103\loch\f103 was in }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
accordance with section 67 (1) (d) of the Act as it then stood}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 \hich\af103\dbch\af103\loch\f103 . }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid6968958\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 
transaction was for the sale of shares and debt. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6968958\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The claim }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid16466604\charrsid1844554 \hich\af103\dbch\af103\loch\f103 for exemption }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6968958\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 is not a scheme for the avoidance of tax}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid11602392\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid11602392\charrsid1844554 
\par }\pard\plain \ltrpar\qj \fi-567\li567\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx567\tx993\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin567\itap0\pararsid3550822 \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 
\f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \tab }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\ul\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ORDER
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\i\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 \hich\af103\dbch\af103\loch\f103 A.\tab}}\pard\plain \ltrpar\s15\qj \fi-1083\li1650\ri0\sb160\sa220\sl276\slmult1
\widctlpar\tx993\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin1650\itap0\pararsid12854361\contextualspace \cbpat8 \rtlch\fcs1 \af31507\afs22\alang1025 \ltrch\fcs0 \f31506\fs22\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\rtlch\fcs1 
\af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 \hich\af103\dbch\af103\loch\f103 The }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 respondent\hich\f103 \rquote \loch\f103 s objection decision dated 11 October 2018 is set aside. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li1650\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx993\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1650\itap0\pararsid10032161\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\i\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 \hich\af103\dbch\af103\loch\f103 B.\tab}}\pard \ltrpar\s15\qj \fi-1083\li1650\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx993\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin1650\itap0\pararsid12854361\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The assessment dated 23 May 2018 is set aside.
\par }\pard \ltrpar\s15\ql \li720\ri0\sa200\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin720\itap0\pararsid10032161\contextualspace {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\i\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 \hich\af103\dbch\af103\loch\f103 C.\tab}}\pard \ltrpar\s15\qj \fi-423\li990\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx993\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin990\itap0\pararsid8982891\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent is to refund }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12478556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 to the applicant }{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid10032161\charrsid1844554 \hich\af103\dbch\af103\loch\f103 the sum paid under the assessment. 
\par }\pard \ltrpar\s15\qj \li1650\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx993\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1650\itap0\pararsid12854361\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 
\par {\listtext\pard\plain\ltrpar \s15 \rtlch\fcs1 \af103 \ltrch\fcs0 \b\i\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 \hich\af103\dbch\af103\loch\f103 D.\tab}}\pard \ltrpar\s15\qj \fi-426\li993\ri0\sb160\sa220\sl276\slmult1\widctlpar
\tx993\wrapdefault\aspalpha\aspnum\faauto\ls38\adjustright\rin0\lin993\itap0\pararsid12854361\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 The respondent is to pay the applicant costs s}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12478556\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ummarily 
\hich\af103\dbch\af103\loch\f103 assessed in a sum of $}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid12928487\charrsid1844554 \hich\af103\dbch\af103\loch\f103 4}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 \hich\af103\dbch\af103\loch\f103 ,000.00 within 21 days of this judgment. }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid6572761\charrsid1844554 

\par }\pard \ltrpar\s15\qj \li1650\ri0\sb160\sa220\sl276\slmult1\widctlpar\tx993\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin1650\itap0\pararsid12854361\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid12854361\charrsid1844554 
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid13392944\charrsid1844554 
\par }\pard \ltrpar\s15\qc \li567\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin567\itap0\pararsid15493481\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\fs24\loch\af103\hich\af103\dbch\af103\insrsid4809284\charrsid1844554 \hich\af103\dbch\af103\loch\f103 Delivered at }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid4809284\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 Suva}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4809284\charrsid1844554 \hich\af103\dbch\af103\loch\f103  on this }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid2754437\charrsid1844554 \hich\af103\dbch\af103\loch\f103 9}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\super\loch\af103\hich\af103\dbch\af103\insrsid4457844\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 th}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid4457844\charrsid1844554 \hich\af103\dbch\af103\loch\f103  day of }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103 October}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid8982891\charrsid1844554 ,}{\rtlch\fcs1 \af103\afs24 
\ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid3159919\charrsid1844554 \hich\af103\dbch\af103\loch\f103  }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid4457844\charrsid1844554 
\hich\af103\dbch\af103\loch\f103 2023}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid13392944\charrsid1844554 .}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid4809284 
\par }\pard \ltrpar\s15\qc \li567\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin567\itap0\pararsid1844554\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid1844554 
\par 
\par 
\par 
\par 
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \fs24\loch\af103\hich\af103\dbch\af103\insrsid1844554\charrsid1844554 \hich\af103\dbch\af103\loch\f103 M. Javed Mansoor
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid1844554 \hich\af103\dbch\af103\loch\f103 Judge}{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid1844554\charrsid1844554 
\par }\pard \ltrpar\s15\qj \li567\ri0\sb160\sa220\sl276\slmult1\widctlpar\wrapdefault\aspalpha\aspnum\faauto\adjustright\rin0\lin567\itap0\pararsid10366194\contextualspace \cbpat8 {\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 
\b\fs24\loch\af103\hich\af103\dbch\af103\insrsid8982891\charrsid1844554 
\par }{\rtlch\fcs1 \af103\afs24 \ltrch\fcs0 \b\fs24\loch\af103\hich\af103\dbch\af103\insrsid13392944\charrsid1844554 
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