A couple who bought and and sold 39 properties – worth $8 million – without paying tax on the profits have lost the latest in a long series of court battles with the IRD.
A ruling in the Court of Appeal said Veena and Yagashwar Singh appeared to be unaware of the need to pay income tax on capital gains from rapid and repeated sales of property.
Profits on such sales have been deemed to be income for decades, even with issues over a possible capital gains tax or the Bright Line Test on investment properties sold within two years.
In the judgement, the court said the value of the sales, between 2002 and 2007, was $8m.
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