Disputed lottery prize claim excluded from net wealth where entitlement had not finally accrued and remained under litigation.

A disputed lottery prize claim was not includible in net wealth for the relevant assessment year because entitlement had not finally accrued on the valuation date and remained subject to litigation. An amount permitted to be drawn pending appeal against security was treated as a contingent claim rather than a realised asset. The assessee's undertaking to offer the amount for assessment on actual receipt also showed that the Revenue's interest was safeguarded until final resolution. On that basis, the disputed amount was excluded from net wealth for the year concerned.

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Issues: Whether the disputed lottery prize amount was includible in the assessee's net wealth for the relevant assessment year when entitlement to the amount was under litigation and subject to final outcome.

Analysis: The amount represented a claim to lottery prize money that was in dispute and had not become finally available to the assessee during the valuation date. The Tribunal's view was supported by the principle that an amount allowed to be drawn pending appeal against security does not amount to an accrued asset or realised entitlement for the relevant year. The undertaking given by the assessee to offer the amount for assessment upon actual receipt further showed that the Revenue's interest was protected until final resolution.

Conclusion: The disputed amount was not includible in the assessee's net wealth for the relevant assessment year, and the question was answered in favour of the assessee and against the Revenue.

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