13 Nov 1313 High Court grants special leave in fiduciary case - Howard
On 8 November 2013, the High Court (Crennan, Kiefel and Bell JJ) granted the taxpayer special leave to appeal from one part of the decision of the Full Court of the Federal Court in Howard v FCT  FCAFC 149 (26 October 2012).
The Full Court held that an amount received by the taxpayer as compensation was beneficially derived by him notwithstanding that he accounted for the amount to a company of which he was a director. The Court held that the amount had not been received by the taxpayer as trustee, and that the applicable principle was that expressed in Booth v FCT  HCA 61; (1987) 164 CLR 159 at 167 (per Mason CJ). The Full Court therefore held that the amount was derived by the taxpayer for tax purposes.
For a copy of the transcript of the special leave application, go here