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The Endgame - Extracting Value - The Tax Issues paper

Published on 25 Nov 07 by THE TAX INSTITUTE

The variety of corporate capital management strategies available to the expanding business continues to grow and the means by which enterprise value can be released have become increasingly sophisticated (as evidenced by the burgeoning number of ATOIDs on the subject). The High Court's decision in McNeil focused on one such approach only. This paper is about the taxation issues which arise when shareholder value is released; whether that be by a trade sale, listing or a continuing participation and includes a consideration of:

  • Share sales (allocation of the purchase price and valuaton issues)
  • Restraint of trade and exit payment
  • Dividends, capital reductions and buy-backs
  • Whare is learnt from Lend Lease?
  • Earn outs and CGT issues
  • Future take out - options issued at a discount
  • What is learnt from McNeil through examining various forms of "equity" returns (eg rights, options)?


This was presented at 15th National Tax Intensive Retreat: Growing Pains - Expanding Family Businesses .

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