GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
GAAR - Trinidad & Tobago - Iatj.net
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Jamaica<br />
• The Privy Council held that it was impossible to<br />
regard the transaction as a genuine exercise by the<br />
trustees of their powers of investment or as a genuine<br />
sale by the family of their shares for a price payable by<br />
instalments accompanied by what was no more than<br />
an ‘option’ to repurchase them. There was an<br />
irresistible inference that the parties had never<br />
contemplated that the shares would not be retransferred<br />
as soon as the first 4 instalments were<br />
paid. Accordingly, the transaction was properly<br />
described as ‘artificial’ within the meaning of the<br />
Jamaican statute.<br />
3rd IATJ Assembly Munich 18‐19 October 2012 51