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There was an interesting recent Upper Tribunal tax case with the judgement given on 22 March 2024 that provides evidence that is useful for AMC shareholders and it is called Alexander Beard V HMRC.
The case was originally held in the First Tier Tribunal and judgement was given in favour of HMRC so Alexander Beard's legal counsel sought permission for the case to go to the Upper Tribunal and permission was granted.
As I explained before rulings in a First Tier tribunal do not create a binding precedent for other cases however judgements in Upper Tribunal cases do create a binding precedent.
The case related to the payment of dividends to Alexander Beard and whether the dividends are income in his hands of or whether they are a return of capital.
The dividends were paid out of Glencore's share premium account and the Upper Tribunals Judgement was in favour of HMRC as they found that the dividends were income in the hands of Alexander Beard.
If you look at AMC's last interim accounts you will see that the total special dividend of $31.284m is included in the accumulated deficit column in the consolidated statement of changes in equity and none of it was included in the share premium account.
If some of it had been included in the share premium account then based upon the ruling in the Alexander Beard case that element of the special dividend that was included in the share premium account would be income in the hands of AMC shareholders.
It is my views that the ruling in Alexander Beard provides AMC shareholders with a binding precedent that we can rely on for treating our special dividend as a return of capital.
You can download both the First Tier Tribunal and Upper Tier Tribunal cases by using google and searching for Alexander Beard V HMRC.
I am surprised that the Board of AMC have still not provided shareholders with tax guidance re the tax treatment of the payment of the special dividend as they approved the payment.
AGE
If you were earning 305k USD pa working part time would you want to give up the gravy train?
AGE
2 aim biotech firms looking to delist from aim and go private as there's no interest in the shares and the valuations are low ......and Young wants to bring a new one to market 🤔 Why on earth he desires to go down this road only he knows.
There are now 35 members in the group with a combined shareholding of 70,853,579 shares so 70.853% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
There are now 34 members in the group with a combined shareholding of 69,338,579 shares so 69.338% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
There are now 31 members in the group with a combined shareholding of 65,535,950 shares so 65.535% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Email me via gneissifyoucangetit@gmail.com and let me know how many shares you own and I will add them to my spreadsheet.
AGE
Been away from the site for a few weeks.
Do you have a link to join up?
There are now 29 members in the group with a combined shareholding of 62,101,727 shares so 62.101% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
There are now 27 members in the group with a combined shareholding of 60,253,727 shares so 60.253% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Indeed and that is the reason we want as many shareholders to join the AMC Shareholders Share Action Group as possible so that we can hold the Board to account!
If you have not joined the group yet then email me via gneissifyoucangetit@gmail.com to join!
AGE
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Keep posting gwm,we’re all just getting as many digs as possible at professional salary takers on the boards of aim companies.
All done with a smile at how clever they are at relieving us of as much money as they can,while poking fun at our own stupidity.
MD
Keep posting gwm,we’re all just getting as many digs as possible at professional salary takers on the boards of aim companies.
All done with a smile at how clever they are at relieving us of as much money as they can,while poking fun at our own stupidity.
MD
I am so sorry md all your points valid, ive just tried to be respectful to all. Ill stop posting on here unless very urgent.
There is also the question of how long can they stretch it out if it’s a row between us and them(bod) and how much they can work out of the system by then.
That is all I want to say as we all know that it will be a hot night in Alaska before gym would agree with any point I make
MD
MD The question is, when will we have detail of the deal and shares tradable again.
Very very sad as RY was helpful and charismatic at shareholder meetings, and a truly gifted geologist.
As an aim compony director with shareholders interests at heart and dealmaker, not good.
Im just grateful we have ag on here to help with the capital from sale of assetts of the company through special dividend being treated as capital return. I don't want to pay tax on a loss. (Average 12p)
I hope peeps recognise the effort age will put in on that and getting shareholders to unite.
We all surely knew that RY and his snidely mate in Salisbury would fleece us to the max.’til the very end,so not getting your holding into an isa was always a poor decision.
I also think that a blanket NO to anything other that a return of capital is very Arthur Scargilesk.All who invested here were completely daft to have had trust in the bod as has been proved by the current position.So we just have to deal with it as best we can.
It is therefore my view that we should see what will eventually be presented before making a decision on how to vote.
MD
Guy ... are u expecting fomo.... Where is newsflow on this deal
(age) Indeed 315k USD pa for what must be a part time job.
Nice work if you can get it!
.
No problem at all if carry his shareholders along with impressive results. (40p to 3p)
Now the worry of the tax treatment of return of my capital from a company that has never made a profit.
How is the chart looking Geng?
Indeed 315k USD pa for what must be a part time job.
Nice work if you can get it!
AGE
There are now 26 members in the group with a combined shareholding of 59,812,528 shares so 59.812% of the way to our first target of 100m.
If you want to empower AMC shareholders then feel free to join our group as the more the merrier!
Even if you only have a small holding then you are welcome to join as it is not the size that counts but what you can do with it and that is to hold the AMC Board to account!
Shareholders are still waiting for the Board to load up tax guidance in respect of the Boards decision to pay a 1.80 pence special dividend!
AGE
Only 4 weeks to the end of April - Got to keep that gravy train a rolling!
Gneissifyoucangetit@gmail.com
There are now 24 members in the group with combined holding of 58,295,822 shares so 58.295% of hitting the first target of 100m shares.
AGE
What is your email
Isphahan,
Please email me to join the group.
Thanks
AGE