VCM54150 - VCT: VCT approval: definition of 바카라 사이트˜eligible shares바카라 사이트™ in a holding
ITA07/S285
The definition of 바카라 사이트˜eligible shares바카라 사이트™ for the purposes of S274, (which differs from that at S273) changed in relation to accounting periods ending on or after 6 April 2011. The definition applicable depends on when the monies were raised by the VCT.
For shares issued before 6 April 2011, or issued after that date but funded from monies raised by the VCT before that date, or monies derived from monies raised before that date, 바카라 사이트˜eligible shares바카라 사이트™ means shares in a company which:
- are comprised in the company바카라 사이트™s ordinary share capital,
- carry no present or future preferential right to dividends or to the company바카라 사이트™s assets in a winding up, and
- carry no present or future right to be redeemed.
For shares issued after 6 April 2011 funded out of monies raised by the VCT after that date, shares are 바카라 사이트˜eligible바카라 사이트™ unless they carry -
- A present or future preferential right to the company바카라 사이트™s assets on its winding up, or
- A present or future right to be redeemed, or
- A present or future preferential right to dividends where:
- The rights attaching to the share include scope for the amount of the dividend to be varied based on a decision taken by the company, the shareholder or any other person. Note: this exclusion covers only those shares which carry preferential rights and does not therefore prevent the voting of dividends in respect of non-preferential shares, nor does it prevent shareholders from choosing to waive a dividend payment should they wish to do so; or
- The right to receive dividends is 바카라 사이트˜cumulative바카라 사이트™ - that is, where a dividend which has become payable is not in fact paid, the company is obliged to pay it a later time, normally once funds become available.