CLARIFYING SHARES WITH NO DIVIDEND RIGHTS

摘要

In Revenue and Customs v Michael and Elizabeth McQuillan [2017] UKUT 344, the Upper Tribunal overturned the decision of the FTT in McQuillan [2016] UKFTT 0305, finding that shares that do not have a right to a dividend cannot be said to have a right to a dividend at a fixed rate and are ordinary shares.