The Conduit Companies Report draws an analogy between cases involving nominees and agents on one hand, and conduit companies cases on the other, based on the fact that, they all pass income to a third party. The Conduit Companies report transposes the dominion test from cases concerning nominee and agents to conduit company cases. It is, however, illogical to draw such an analogy.

Nominees or agents receive income on behalf of its owner. For this reason, in property law a nominee or agent must pass passive income on to the person on whose behalf the nominee or agent receives it. It follows that nominees or agent lack dominion.