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
Zylpha LogoClick to know more
NLJ Career Profile: Maryam Syed KC, Church Court Chambers

NLJ Career Profile: Maryam Syed KC, Church Court Chambers

From childhood dreams of the Bar to some of the country's most challenging cases, Maryam Syed KC explains why she has never stopped standing up for others

DAC Beachcroft—Richard Breavington, Rachel Ford & Daniel Guilfoyle

DAC Beachcroft—Richard Breavington, Rachel Ford & Daniel Guilfoyle

DAC Beachcroft significantly expands Cyber team, hiring three Cyber partners

Browne Jacobson—Professor Clive Kay

Browne Jacobson—Professor Clive Kay

Browne Jacobson appoints senior healthcare leader Professor Clive Kay as strategic adviser

NEWS
Read All
NLJ this week: Reframing family dispute resolution
As family justice moves further away from the courtroom, collaborative law is emerging as an increasingly important route to resolving separation disputes
NLJ this week: Employment law updates on restraints, representation & tribunal boundaries
A busy period for employment law is producing important lessons for employers, employees and tribunals alike
NLJ this week Civil way: Practical procedure lessons & cautionary tales
From forgotten interest claims to case-management appeals, a string of procedural developments offers useful—and occasionally cautionary—lessons for practitioners
NLJ this week: Fraud in the digital age

Jonathan Fisher KC highlights that it now accounts for around 40% of criminal offences, with roughly 70% involving technology, and argues that the UK cannot simply prosecute its way out of the problem. Detection, investigation and prosecution all require improvement, while different fraud types demand tailored responses.

NLJ this week: Right outcome, troubling reasoning?
How forcefully can a litigant criticise a public authority before robust advocacy crosses the line into unreasonable conduct? 
Copyright © 2026 LexisNexis
back-to-top-scroll