header-logo header-logo

Home Login E-newsletter About us
15 September 2017 / Peter Vaines
Issue: 7761 / Categories: Features , Tax , Commercial
printer mail-detail

Taxing matters

© Copyright LexisNexis 2026. All Rights Reserved.

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

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Read All
Sponsored by
NLJ Career Profile: John McElroy, London Solicitors Litigation Association

NLJ Career Profile: John McElroy, London Solicitors Litigation Association

From first-generation student to trailblazing president of the London Solicitors Litigation Association, John McElroy of Fieldfisher reflects on resilience, identity and the power of bringing your whole self to the law

Clarke Willmott—Elaine Field

Clarke Willmott—Elaine Field

Planning and environment team expands with partner hire in Manchester

Birketts—Barbara Hamilton-Bruce

Birketts—Barbara Hamilton-Bruce

Firm appoints chief operating officer to strengthen leadership team

NEWS
Read All
NLJ this week: Sanctions ruling casts ‘wide net’ over global finance
A landmark Supreme Court ruling has underscored the sweeping reach of UK sanctions. In NLJ this week, Brónagh Adams and Harriet Campbell of Penningtons Manches Cooper say the regime is a ‘blunt instrument’ requiring only a factual, not causal, link to restricted goods
NLJ this week: England’s courts cement status as fraud battleground
Fraud claims are surging, with England and Wales increasingly the forum of choice for global disputes. Writing in NLJ this week, Jon Felce of Cooke, Young & Keidan reports claims have risen sharply, with fraud now a major share of litigation and costing billions worldwide
NLJ this week: Mazur ruling puts firms on supervision alert
Litigators digesting Mazur are being urged to tighten oversight and compliance. In his latest 'Insider' column for NLJ this week, Professor Dominic Regan of City Law School provides a cut out and keep guide to the ruling’s core test: whether an unauthorised individual is ‘in truth acting on behalf of the authorised individual’
NLJ this week: Landlords’ forced entry powers spark legal divide
Conflicting county court rulings have left landlords uncertain over whether they can force entry after tenants refuse access. In this week's NLJ, Edward Blakeney and Ashpen Rajah of Falcon Chambers outline a split: some judges permit it under CPR 70.2A, others insist only Parliament can authorise such powers
NLJ this week: Push to scrap ‘vague’ public office misconduct law
A wave of scandals has reignited debate over misconduct in public office, criticised as unclear and inconsistently applied. Writing in NLJ this week, Alice Lepeuple of WilmerHale says the offence’s ‘vagueness, overbreadth & inconsistent deployment’ have undermined confidence
Copyright © 2026 LexisNexis
back-to-top-scroll