Andrew Strickland unpacks the drama and outcome from the case of Nicholas Green v HMRC [2014] UKFTT 396 TC, focusing on the approaches to valuation.
This case before the First-tier Tribunal related to the 2007/2008 personal tax return of Mr Green and Gift Aid claims for £237,500 which he had made in that return. The case was heard in 2013 and reported in 2014.
There were several technical points of interest which are summarised below. (In testing the approach and definitions used by each of the experts, the Tribunal made extensive use of “Practical Share Valuation” by Nigel Eastaway and Others (Eastaway). The decision of the Tribunal includes extended quotations from this justifiably well-known work, notably in the definition of various valuation terms).
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