Legal News

Any share right preference can prevent EIS relief (Flix Innovations v HMRC)

Published on: 11 July 2016
Published by: LexisPSL
  • Any share right preference can prevent EIS relief (Flix Innovations v HMRC)
  • Original news
  • What was this case about?
  • What did the tribunal court decide?
  • What should tax lawyers take note of?

Article summary

Tax analysis: The Upper Tribunal (UT) confirmed the First-tier Tax Tribunal’s (FTT) decision that any preferential right to assets of a company is sufficient to prevent the shares from being qualifying shares for the purposes of enterprise investment scheme (EIS). No principles of interpretation (de minimis or purposive construction) can alter the effect of the clear words of the statute. or take a trial to read the full analysis.

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