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Taxing matters

15 September 2017 / Peter Vaines
Issue: 7761 / Categories: Features , Tax , Commercial
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Peter Vaines discusses principles, stale discoveries & the downside of holiday property lets

  • Share valuation.
  • Business Property Relief.
  • Discovery assessments.

The recent case of Cosmetic Warriors Ltd v Andrew Gerrie [2017] EWCA Civ 324, [2017] All ER (D) 48 (May) had some interesting things to say about the principles for valuing unquoted shares. In this case, the dispute related to the proper interpretation of the company’s Articles of Association which provided a formula for the valuation of the shares, to be used in various circumstances.

Mr Gerrie held approximately 11% of the shares in the company (and his wife had a further 10%). The majority shareholders were a Mr and Mrs Constantine who between them owned 62% of the company shares.

The Articles of the company provided that in the event of a shareholder giving a notice, or ceasing to be an employee, the shares could be purchased by the company at an agreed price—failing that at the median price certified by two independent chartered accountants as being the

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MOVERS & SHAKERS

Winckworth Sherwood—Arcangelo D’Apolito

Winckworth Sherwood—Arcangelo D’Apolito

Private wealth and tax offering boosted by dual qualified partner hire

Sackers—John Card

Sackers—John Card

Pensions firm announces hire in project management team

Myers & Co—Kerry Boyle

Myers & Co—Kerry Boyle

Staffordshire firm appoints head of commercial property

NEWS
NOTICE UNDER THE TRUSTEE ACT 1925 
HERBERT SMITH STAFF PENSION SCHEME (THE “SCHEME”)
NOTICE TO CREDITORS AND BENEFICIARIES UNDER SECTION 27 OF THE TRUSTEE ACT 1925
Law firm HFW is offering clients lawyers on call for dawn raids, sanctions issues and other regulatory emergencies
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Non-molestation orders are meant to be the frontline defence against domestic abuse, yet their enforcement often falls short. Writing in NLJ this week, Jeni Kavanagh, Jessica Mortimer and Oliver Kavanagh analyse why the criminalisation of breach has failed to deliver consistent protection
Assisted dying remains one of the most fraught fault lines in English law, where compassion and criminal liability sit uncomfortably close. Writing in NLJ this week, Julie Gowland and Barny Croft of Birketts examine how acts motivated by care—booking travel, completing paperwork, or offering emotional support—can still fall within the wide reach of the Suicide Act 1961
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