Practical Share Valuation

By: Nigel Eastaway OBE, Diane Elliott, Chris Blundell and Cameron Cook
ISBN: 9781526505088

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About Practical Share Valuation

Provides a reference point for practitioners, who may need to prepare or review a valuation of shares or intangible assets, and acts as a practical guide to the more straightforward valuations which are required for tax purposes. Practical Share Valuation combines decades of the authors’ practical experience in order to provide a reference guide to the valuation of unquoted shares and intangible assets as well as a practical handbook for... Read more

About Practical Share Valuation

Provides a reference point for practitioners, who may need to prepare or review a valuation of shares or intangible assets, and acts as a practical guide to the more straightforward valuations which are required for tax purposes.

Practical Share Valuation combines decades of the authors’ practical experience in order to provide a reference guide to the valuation of unquoted shares and intangible assets as well as a practical handbook for practitioners preparing more routine valuations for tax purposes.

The book highlights the relevant case law relating to valuations and also provides a handy list of additional data sources to aid the valuer in gaining access to the comparator data and latest valuation standards available.

Whether you need to prepare a valuation or review work prepared by another practitioner, this book provides a wealth of easily accessible information, hints and tips to help you navigate through the potential minefield of share valuations.

The seventh edition includes the following updates:

– Full analysis of new legislation proposed on bringing non-resident companies with UK taxable income and gains from the disposal of UK residential property interests within the scope of corporation tax;
– Guidance on new penalties in connection with offshore matters and offshore transfers (FA 2016), for inheritance tax for transfers of value on or after 1 April 2017 and for income and CGT from April 2016, in particular a new asset-based penalty for certain offshore disclosure inaccuracies and failures;
– Commentary on several well-publicised litigation battles regarding failed tax avoidance schemes, such as HMRC vs Ingenious Media and HMRC vs Rangers Football Club;
– Changes to the Companies Act 2006 and new reporting requirements as a result of the transition to FRS 102 and FRS 105 (effective for accounting periods on or after 1 January 2016);
– Updated guidance from HMRC Shares and Assets Valuations and International Valuation Standards 2017.

Table of Contents

DIVISION A MAIN NARRATIVE
Chapter 1 Introduction
PART 1 CASE LAW
Chapter 2 General principles
Chapter 3 Open market value
Chapter 4 Fair value
Chapter 5 Relevant factors
Chapter 6 The required yield
Chapter 7 Asset-related valuations
Chapter 8 The foreign influence
PART 2 STATUTE LAW
Chapter 9 Capital gains tax and corporation tax on chargeable gains, stamp duty and income tax
Chapter 10 Inheritance tax
PART 3 VALUATION IN PRACTICE
Chapter 11 Valuation approaches
Chapter 12 Other methods of valuation
Chapter 13 The influence of the London Stock Exchange
Chapter 14 The real market for shares and valuation for specific purposes
Chapter 15 Published data
Chapter 16 Unpublished information and company records
Chapter 17 Valuation of intellectual property and other intangibles
Chapter 18 HMRC Shares and Assets Valuation
Chapter 19 Valuation reports
Chapter 20 Fair value for financial reporting purposes
Chapter 21 Accounting for goodwill and intangible assets arising on an acquisition
Chapter 22 Accounting for equity awards to employees
Chapter 23 Valuation in matrimonial proceedings
DIVISION B VALUATION EXAMPLES
Example 1 Mock valuation report in Re Lynall, Lynall v IRC
Example 2 Mock valuation report in Re Holt
Example 3 Sparkco Ltd – fair value
Example 4 Diplodocus Ltd – valuation of deferred shares at 13 April 2014
Example 5 Salamander Marketing Consultants Ltd – valuation of shares for tax purposes
Example 6 Motorco – valuation of goodwill on incorporation
Example 7 Logo Properties Limited – valuation of shares in a property company for IHT purposes
Example 8 Lavender Systems Limited – EMI valuation
DIVISION C APPENDICES
Appendix A Financial Times/Stock Exchange Actuaries Share Indices
Appendix B Financial Times Actuaries Equity Indices (at 31 March 1982)
Appendix C Financial Times Actuaries Share Indices and their constituents (for 31 March 1982 valuations)
Appendix D Relevant estate duty and other obsolete legislation
Appendix E RICS Valuation – Global Standards: VPGA 3, VPGA 4, VPGA 6, VPGA 7 and VPGA 10 (1 July 2017)
Appendix F International Valuation Standards 2017, IPEV Guidelines (Appendix 1) and IVS 105
Appendix G Practice Note: Apportioning the Price Paid for a Business Transferred as a Going Concern
Appendix H Civil Procedure Rules, Part 35 (Experts and Assessors), Practice Direction 35 and Factsheet 53
Appendix I Parry’s Valuation Tables – Present value of one pound
Appendix J Parry’s Valuation Tables – Years’ purchase or present value of one pound
Appendix K Summary of main relevant taxation Acts since 2014 that might affect a valuation
Appendix L Useful websites

Publishing Details

Publication Date: 25 April 2019
ISBN: 9781526505088
Binding: Paperback
Edition: 7
BPro Tax

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