Revenue Precedent

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Revenue Precedents

The repurchase by a company of shares held by Foir Teo would not disqualify the BES shareholders provided the shares are temporary redeemable shares. 860/87B

A bank backed management buy-out (after the three years relevant period), where the bank insists on being given security over the assets of the company, would not constitute a receipt of value received by non-BES members, where the BES money has long since been dissipated. 922/87

Would capitalisation of reserves effect BES applications? No, as long as the market value of the shareholders capital remains the same and the company does not repay, redeem, or repurchase any of the share capital. 6264/96