LAQC tagged posts
The Inland Revenue Department (IRD) is continuing their investigation into the sale of private homes to Loss Attributing Qualifying Companies (LAQC) involving a mail out of over 45,000 letters to LAQC directors.
The issue at hand was first brought up by the IRD in a media release in the July of 2004, when the IRD voiced the concerns and objections to the possible practice of the selling of private residential property to a LAQC and renting it back, in order to claim a tax loss. While the IRD acknowledged that the mere selling and renting of a house from an LAQC does not constitute tax avoidance, and also that every suspected case of tax avoidance needs to be treated individually, they did release a general guideline of markers that they use to determine suspicion.
An individual who owns a...Read More