ERSM60300 - Securities with Artificially Enhanced Value

Effect of changes in the rights attached to other shares

The legislation on restricted shares, FA88/S78 (2)(d), which became ITEPA03/S450 (d) & (e) as originally enacted, contained provisions that covered the situation where an employee바카라 사이트™s shares were increased in value by reducing the rights attaching to other shares.

Where such provisions create an increase in the value of securities there will be two alternative charges:

  • Chapter 3B 바카라 사이트“ where avoidance motive.
  • Chapter 4 바카라 사이트“ where no avoidance motive 바카라 사이트“ e.g. ratchets see ERSM90500.