The First-tier Tax Tribunal has overruled a decision by HM Revenue & Customs that shares which have no right to a dividend are not entitled to entrepreneurs’ relief from capital gains tax.
The shares in question were created when a small family-owned business restructured its share capital to account for the conversion of a director’s loan into redeemable shares
A full account of McQuillan v HMRC, may be found at – https://goo.gl/SiEHMU
