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CACV000118N/2002
CACV118/2002
IN THE HIGH COURT OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
CIVIL OF APPEAL
CIVIL APPEAL NO. 118 OF 2002
(ON APPEAL FROM DCSA 52 OF 2000)
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Arrowtown Assets Limited |
Appellant |
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The Collector of Stamp Revenue |
Respondent |
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C O R R I G E N D U M
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Kindly note the following correction in the Judgment of the above case dated 17 March 2003.
Paragraph 134, the emphasised part of the quoted passage of Lord Wilberforce at p.326E in WT Ramsay Ltd. v IRC [1982] AC 300 is as follows:-
" ...... Lord Wilberforce at p.326E held that,
"The capital gains tax was created to operate in a real world, not that of make-belief ... it is a tax on gains ... it is not a tax on arithmetical differences. To say that a loss (or gain) which appears to arise at one stage in an indivisible process, and which is intended to be and is cancelled out by a later stage, so that at the end of what was bought as, and planned as, a single continuous operation, there is not such a loss (or gain) as the legislation is dealing with, is in my opinion well and indeed essentially within the judicial function." (emphasis added)"
Dated this 9th day of April, 2003.
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( L. Mak )(Ms) |
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Clerk to Hon. Cheung, J.A. |
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