Commentary

D8.121 Shares in different denominations

Corporate tax
Corporate tax | Commentary

D8.121 Shares in different denominations

Corporate tax | Commentary

D8.121 Shares in different denominations

Shares owned by a participant are treated as shares of the same class if―1

  1.  

    (a)     in respect of shares of a given class specified in the instrument of incorporation of an open-ended investment company, shares issued of that class consist of both smaller and larger denomination shares; and

  2.  

    (b)     a participant owns both smaller and larger denomination shares of that class.

Each larger denomination share is treated as if it were comprised of the relevant number of smaller denomination shares2. The market value of each smaller denomination share is taken to be the relevant proportion of

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial