Shares with insignificant preferential rights ineligible for EIS relief (First-tier Tribunal) | Practical Law
The First-tier Tribunal has determined that shares carrying insignificant preferential rights to a company's assets on its winding up breached the requirements of section 173(2)(aa) of the Income Tax Act 2007 and, therefore, were not eligible for relief under the enterprise investment scheme (Flix Innovations Ltd v HMRC [2015] UKFTT 0558 (TC) (6 November 2015)).