Comment on 'Practice guide: Restrictions on tax deductibility of loan interest' from Adam Blakemore (Cadwalader, Wickersham & Taft).
The critical element of the unallowable purposes test in CTA 2009 s 441 is ascertaining the company’s purpose. It is the company’s subjective purpose which matters (Travel Document Service [2018] STC 723). ‘Subjective’ in this context means the actual intention of the company in entering the loan relationship not what an observer might objectively discern from the evidence. That subjective...
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Comment on 'Practice guide: Restrictions on tax deductibility of loan interest' from Adam Blakemore (Cadwalader, Wickersham & Taft).
The critical element of the unallowable purposes test in CTA 2009 s 441 is ascertaining the company’s purpose. It is the company’s subjective purpose which matters (Travel Document Service [2018] STC 723). ‘Subjective’ in this context means the actual intention of the company in entering the loan relationship not what an observer might objectively discern from the evidence. That subjective...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")