Note of a meeting with the Inland Revenue on 8 September 1998. Considers:
- The application of Section 140C (now repealed) on management buyouts where employees were not employed by the company whose shares they were given.
- Relationship between Section 140A and Section 162 (now repealed)
- Whether a companys’ shares become readily convertible assets just because advisers have been consulted in relation to a possible listing.
- Whether pre-emption provisions or the mere existence of an employee trust amounted to trading arrangements.
- Application of 140D (now repealed but dealing with convertible shares) to situations where conversion was automatic.