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Taxation (International and Other Provisions) Act 2010

Section 48: Applying section 44(2): “portfolio” of transactions, arrangements or assets

145.This section supplements section 44 in its application to “portfolios” of transactions, arrangements or assets. It is based on section 798B(5) of ICTA.

146.Section 798B(5) of ICTA uses the expression “fair and reasonable”. In rewriting this, subsection (5) follows the convention in this Act that apportionments are to be “just and reasonable”. This is not a change in the law, because it is not possible for anything to be fair and reasonable without being just and reasonable or just and reasonable without being fair and reasonable.

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