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Originally Posted by simonsjdaccountancy
I'm not aware of any legislation that prevents the issuing of and the benefits derived from multiple share classes - certainly any composite Company trading today uses that method to administer things.
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It's the legislation that meant the introduction of the Form 42. The Revenue's argument is that the composite company is using shares to remunerate workers who would otherwise be paying PAYE. Hence the interest in composites. The Revenue see composites as a very easy target.
IMO the next logical step in this particular argument is for the Revenue to increase (if that's possible!) attempts to re-classify contractors as employees. Thier difficulty is how to re-draw the legislation without affecting "legitimate" business i.e. all the plumbers, electricians etc that incorporated because of the CT nil rate band.
Fight the power!