Transition to CA06
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As everyone knows, I am a hard working IFA and produce a lot of commission for my employer. However, I have not benefited from the profits because my grasping non working spouse and minor grandchildren who own all the shares get all the dividends. I have to rely on a measly £2k p.a. And Working Tax credits (amongst other means tested benefits including an interest free student loan).
I have told all these shareholders that the Companies Act 2006 precludes minors holding shares in such form that entitles them to dividends, rights issues etc. They say (well, they would wouldn’t they?) that existing shareholders prior to Act day (which I believe was October 2008?) do not have to divest.
WHO IS RIGHT?