GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Common Law jurisdictions<br />
• Have initially in the formative years from the seminal case<br />
of IRC v Duke of Westminster (1936) stressed form over<br />
substance<br />
• Subsequent juridical developments such as Sharkey v<br />
Wernher and Furniss v Dawson have reversed the position<br />
in many ways so that a test of substance over form is now<br />
generally applied<br />
• Leading jurisdictions such as the UK have rejected the<br />
need for <strong>GAAR</strong> and only more recently have jurisdictions<br />
such as the US adopted the notions of business purpose,<br />
economic substance and step transaction tests<br />
3rd IATJ Assembly Munich 18‐19 October 2012 13
Change language