Non- Dividend Shares Qualify for Entrepreneurs’ Relief

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 –