FTTTx INCOME TAX – loss relief – shares – s 574 ICTA 1988 – money held in director’s loan account – board resolution to allot shares – company secretary instructed to prepare and issue share certificate and to enter allotment in shareholders’ register – due to external circumstances, latter actions not taken – whether shares issued to director – held, on facts, no – whether, on assumption that shares issued, any loss incurred on shares – whether value had become negligible – held that no evidence of any change of value of shares between board meeting and resolution to wind up company – appeal dismissed
Citations:
[2012] UKFTT 740 (TC)
Links:
Statutes:
Income and Corporation Taxes Act 1988 574
Income Tax
Updated: 17 November 2022; Ref: scu.472781