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HMRC internal manual

Venture Capital Schemes Manual

CVS: investors and reliefs: dividends of a pre-determined amount

FA00/SCH15/PARA(2) & (3)

The dividends described in VCM91110 as ‘dividends of a pre-determined amount’ are dividends the amount of which:

  • does not change, or
  • is fixed by reference to rates or amounts (including a “nil” rate) determined when the shares were issued (for example, dividends at a certain percentage for the first two years and thereafter at some other percentage), or
  • is fixed by reference to any of certain external rates or indices (for example, by reference to the Financial Times Share Index).

They do not include dividends the amount of which is fixed wholly or partly by reference to the results of the company’s business or the value of the company’s assets.