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HMRC internal manual

Venture Capital Schemes Manual

HM Revenue & Customs
, see all updates

CVS: investors and reliefs: relevant preference shares


Relevant preference shares are defined as shares which:

  • do not currently carry voting rights (whether or not they might acquire voting rights in some specified eventuality), and
  • are issued wholly for new consideration, and
  • do not carry any right the exercise of which would result in their holder’s acquiring any other shares or any securities, and
  • do not carry any right to dividends except dividends of a pre-determined amount (see VCM91120).