The High Court has refused the taxpayer special leave to appeal against the NSW Court of Appeal’s decision in Chief Comr of State Revenue v Centro (CPL) Limited [2011] NSWCA 325. The NSW Court of Appeal had allowed the NSW Chief Commissioner of State Revenue’s appeal against an earlier NSW Supreme Court decision which had held the Commissioner was not entitled to disregard a 300-year concurrent lease in a property in determining the dutiable value upon which to impose duty on the taxpayer on its acquisition of the reversionary interest in the property.
[LTN 48, 12/3]