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Many, many many people. I haven't said that they aren't. And it is legitimate. But that's what Part IVA is intended to do, bypass perfectly legal arrangements to destroy them if your intent is to enter into them to avoid tax. If you look very carefully at the private ruling, it is right...

That's the interesting thing about the discussion people have here about capitalised interest. If you put into plan an documented arrangement to capitalise interest to maximise tax deductions, it appears you will get sunk under Part IVA. But if it just 'happens', not a problem. If I was an...