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A sedative of ordinariness
Key points
- The definition of ordinary share capital is important
for both personal and corporate tax reliefs. - Does share capital have a right to a dividend at a
fixed-rate? - Are there any other rights to share in the company’s profits?
- An analysis of recent cases on the definition of ordinary share capital.
- Commercial and legal decisions on share structures may have an adverse impact on tax reliefs.
In his book Unweaving the Rainbow Richard Dawkins says: ‘There is an anaesthetic of familiarity a sedative of ordinariness which dulls the senses and hides the wonder of existence.’ It occurs to me that this may also be true of tax – do we become so overly familiar with legislation terms and guidance that we start to take these for granted only re-examining matters when a metaphorical prism splits the legislative light into its component multihued parts thereby enabling us to look at...
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