header-logo header-logo

15 September 2017 / Peter Vaines
Issue: 7761 / Categories: Features , Tax , Commercial
printer mail-detail

Taxing matters

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

Winckworth Sherwood—David Fendt

Winckworth Sherwood—David Fendt

Restructuring and insolvency practice strengthened by partner hire

Gateley Legal—Billy Poulter & Shay Moore

Gateley Legal—Billy Poulter & Shay Moore

North West residential development team welcomes partner and associate

Burgess Mee—Victoria Sterritt

Burgess Mee—Victoria Sterritt

Family law boutique expands London team with legal director hire

NEWS
Some employment law controversies never disappear—they merely lie dormant
Artificial intelligence (AI) is transforming legal practice, but its successful adoption depends as much on culture as technology
A landmark ruling has delivered the first judicial application of the UK’s anti-SLAPP regime and provided fresh guidance on abusive litigation
The Supreme Court’s decision in Dillon highlights a central tension in modern public law: rights may be recognised without being fully realised
Non-court dispute resolution is no longer an alternative in family law—it is rapidly becoming the norm
back-to-top-scroll