A few years ago legislation was introduced to counter the following. A company, often listed, would propose a share reorganisation whereby the shareholder could choose to receive one of two share types - one with little value on which a dividend would be paid and then cancelled, the other being a redeemable share. Effectively being given a free choice between income and capital treatment on return of capital. I can't find the legislation that put a stop to that - can anyone help?
Thanks