GAAR - Trinidad & Tobago - Iatj.net

St. Lucia
• The Appeal Commissioners held that the basis of the
assessment was misconceived since it was based on UK
law and not the law of St. Lucia. Moreover, the bonus issue
of redeemable preference shares was an ordinary business
transaction which was not effected to avoid tax so as to
bring into operation S.87 of the Income Tax Act.
• This approach is more in line with the approach taken in
Australia in that a taxpayer is free to choose a course of
action which brings him a tax advantage or minimises his
liability provided it was a genuine commercial bargain
which is not contrived nor possesses any indicia of
artificiality
3rd IATJ Assembly Munich 18‐19 October 2012 48