Phillips v Foster - [1991] 3 NZLR 263

Revenue — Income tax — Sale of shares — Payment to be made over several years — No provision for interest payment — Whether sum payable was wholly capital or included an interest component — Application of accruals regime to instalment payments — Whether agreement for sale and purchase was illegal and amounted to tax evasion — Public policy — Illegality — Income Tax Act 1976, ss 64B-64M - Illegal Contracts Act 1970, s 9.

Commercial law — Trade practices — Fair trading — Sale and purchase of shares — Whether engaging in prior negotiations amounted to misleading or deceptive conduct or was likely to mislead or deceive — Fair Trading Act 1986, s 9.