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Turbulent times
On 18 December 2008 the Financial Secretary to the Treasury Stephen Timms announced the Government's intention to introduce legislation in Finance Bill 2009 on two different tax issues in order to address problems that have come to light as a result of the recent turbulence in the financial markets:
●     an amendment to ICTA 1988 Sch 18 para 1(3) to ensure that preference shares that carry a right to dividend of a fixed amount or at a fixed percentage of the nominal value of the shares but that give the issuer the right to pay a smaller dividend in certain circumstances are not disqualified from being treated in the same way as 'fixed rate preference shares' for the purposes of the...

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