HM Revenue & Customs (HMRC) launched a consultation in June 2013 on modernising the taxation of corporate debt and derivative contracts.
The aims of the consultation include simplification, reducing the scope for abuse and reducing uncertainty.
As part of the consultation process, four working groups have been set up to consider the proposals…
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A ratchet is a structure whereby the eventual equity allocations between the shareholders depend on future performance of the company or the rate of return achieved by the venture capital firm.
The venture capital investors in an investment round normally require that certain actions cannot be taken without the consent of the holders of a majority of their class or series of shares.
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