General
Exclusive
Baa Bar Group plc - McArthur and HMRC [2020] (part two)
- Article
- 22 Nov 2023
This is a gift aid case: Baa Bar Group plc had acquired an eponymous company which owned student bars in Liverpool and Manchester. The gifting of shares in Baa Bar Group plc three months after listing onto the CISX was the tax event that dragged this case to the doors of the Tax Tribunal, albeit as the culmination of a legal process taking 17 years.
Exclusive
Baa Bar Group plc - McArthur and HMRC [2020] (part one)
- Article
- 22 Nov 2023
This is another case relating to gift aid. Readers may recall the cases of N Green and HMRC, and also J Netley and HMRC, both relating to gifts of shares to charities. These gifts were made shortly after the entry of cash shell companies onto the Channel Islands Stock Exchange or AIM. The cash shell companies had very recently acquired trading subsidiary undertakings. This case has similar features.
Exclusive
Holding Hands on the Pavement?
- Article
- 21 Nov 2023
The case of Gallagher and Gallagher [2022] EWFC 53.
Exclusive
The Expert Witness in the United Kingdom
- Article
- 07 Aug 2023
UK Courts place high expectations on expert witnesses in all disciplines: the privilege of giving opinions carries with it a weighty responsibility. Over the last twenty or more years the judiciary voiced, ever more pointedly, the heavy duties that come with the potentially persuasive powers of expert witnesses.
Exclusive
Valuation Experts and The Nature of Personal Goodwill – The case of CSB 123 Limited and Caroline Stanbury [2021] EWHC 2506
- Article
- 07 Aug 2023
The case of Caroline Stanbury leaving the Gift Library and the liquidators bringing a claim against her.
Exclusive
Reports on an Industrial Scale – Bux and GMC [2021] EWHC 762
- Article
- 07 Aug 2023
The renowned Judge Mostyn heard a case involving an appeal against the removal of a doctor from the Medical Register.
Exclusive
Proprietary trading and market making – valuation challenges: the case of G and T
- Article
- 29 Mar 2023
How should a business engaged in trading in the markets be valued? This was the question faced by the Court in the anonymised case of G and T.
Exclusive
OG and AG [2020] EWFC 52
- Article
- 29 Mar 2023
This case was heard before the redoubtable Mr Justice Mostyn; at its heart was the valuation of a UK ducting business.
Financial reporting
Exclusive
VALUATION COMMUNITY
Destiny Investments
- 03 Dec 2018
This was a shareholder dispute case embellished by an attempted share dilution and a challenge regarding the use of a loan taken out by Destiny Investments (1993) Limited (“Destiny”).
Exclusive
VALUATION COMMUNITY
The measurement and application of market participant acquisition premiums
- 08 Oct 2018
- Andrew Strickland
- Valuation Community Newsletter
Through the early 1990s, it was generally accepted that the publicly traded price of a company’s shares represented the value of a minority interest and that, if the goal was to value a control interest, a “premium for control” would be added to the value of equity indicated by that publicly traded price.
Exclusive
CORPORATE FINANCE FACULTY
Shareholder disputes
- 13 May 2013
Andrew Strickland looks at the cases of Attwood v Maidment and the observations that can be made.
Exclusive
CORPORATE FINANCE FACULTY
IFRS reporting
- 28 Mar 2011
Since the introduction of IFRS 3 ‘Business Combinations’, in 2004, acquiring companies have been required to report the fair values of intangible assets arising from an acquisition separately from the residual allocated to purchased goodwill. In 2009, the UK regulator, the Financial Reporting Council (FRC), performed a survey of the accounting for 20 significant acquisitions to review compliance with IFRS 3.
Industry sectors
Exclusive
VALUATION COMMUNITY
The Expert Witness in the United Kingdom
- 07 Aug 2023
- Andrew Strickland
UK Courts place high expectations on expert witnesses in all disciplines: the privilege of giving opinions carries with it a weighty responsibility. Over the last twenty or more years the judiciary voiced, ever more pointedly, the heavy duties that come with the potentially persuasive powers of expert witnesses.
Exclusive
VALUATION COMMUNITY
Reports on an Industrial Scale – Bux and GMC [2021] EWHC 762
- 07 Aug 2023
- Andrew Strickland
The renowned Judge Mostyn heard a case involving an appeal against the removal of a doctor from the Medical Register.
Exclusive
Proprietary trading and market making – valuation challenges: the case of G and T
- 29 Mar 2023
- Andrew Strickland
How should a business engaged in trading in the markets be valued? This was the question faced by the Court in the anonymised case of G and T.
Exclusive
VALUATION COMMUNITY
UTB and Sheffield United Limited [2019] EWHC 2322
- 04 Oct 2022
- Andrew Strickland
The valuation of football clubs can be devilishly difficult: for many such clubs the owners are driven by passion or by the need to own a trophy.
Exclusive
VALUATION COMMUNITY
Section 994 cases: Failing to pay dividends
- 15 Jul 2020
- Valuations Community
Can it be unfairly prejudicial to one or more shareholders if a company does not pay dividends? This article looks at various court rulings in this area.
Exclusive
Valuing assets: could COVID-19 be a game-changer?
- 20 May 2020
20 May 2020: Aircraft are extreme assets at the best of times. Even in good times, it is hard to make sense of their values. A downturn that grounds thousands of them makes the assessment of value even more of an ordeal. That is where expertise and experience count.
Exclusive
VALUATION COMMUNITY
VB Football Assets and Blackpool Football Club
- 03 Jun 2019
- ICAEW
This was a colourful shareholder dispute case requiring the inputs of two business valuation experts.
Exclusive
VALUATION COMMUNITY
Wellesley Partners LLP and Withers LLP
- 25 Mar 2019
- Andrew Strickland
Number: [2014] EWHC 556 (Ch)
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.
Exclusive
PRACTICE DEPARTMENT
The contentious terrain of Research and Development tax credits
- 2023
- Jesminara Rahman
- Busy Practitioner
Jesminara Rahman looks at difficulties facing companies pursuing research and development tax claims. In recent years, the tax terrain for Research & Development (R&D) has experienced significant changes, due to a substantial shift in HMRC's approach.
Exclusive
PRACTICE DEPARTMENT
Valuing a family or owner-managed company
- 2023
- Peter Rayney
- Tax Planning for Family and Owner-managed Companies
Advice on valuing a family or owner-managed company, written for anyone who advises or runs one.
Exclusive
PRACTICE DEPARTMENT
IHT: valuations of assets in a falling market
- 2023
- Julian Harris, Mark McLaughlin, Andrew Needham, Lee Sharpe
- Busy Practitioner
An update on how best to deal with the expected decrease in estate asset values from an inheritance tax (IHT) viewpoint. The article recommends that it would seem an appropriate time to review the affairs of clients with possible IHT exposure on their estates.
Exclusive
PRACTICE DEPARTMENT
Property valuations: Too high?
- 2021
- Mark McLaughlin
- Busy Practitioner
HMRC valuations of land and buildings involving development value should be critically reviewed and challenged where necessary, says Mark McLaughlin.
Exclusive
PRACTICE DEPARTMENT
Practical share valuation (7th edition)
- 2019
- Chris Blundell, Cameron Cook, Nigel Eastaway, Diane Elliott, Shân Kennedy
- Practical Share Valuation
Invaluable reference guide for accountants and valuation practitioners involved in any aspect of the valuation process.
Exclusive
PRACTICE DEPARTMENT
Fair value for financial reporting purposes
- 2019
- Chris Blundell, Cameron Cook, Nigel Eastaway, Diane Elliott, Shân Kennedy
- Practical Share Valuation
A chapter on fair value and financial reporting; part of a comprehensive guide to practical share valuation. Includes a section giving an overview of requirements of IFRS 13.
Terms of use
You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.
eBooks
The ICAEW Library & Information Service provides a hand-picked collection of eBooks as a benefit of membership. If you are unable to access an eBook, please see our Help and support or contact library@icaew.com.
Exclusive
LIBRARY
Hands-on financial modeling with Excel for Microsoft 365: build your own practical financial models for effective forecasting, valuation, trading, and growth analysis
- 2022
- Shmuel Oluwa
- Packt
Financial modeling is a core skill required by anyone who wants to build a career in finance. This book explores financial modeling terminologies with the help of Excel. Starting with the key concepts of Excel, such as formulas and functions, this updated second edition will help you to learn all about referencing frameworks and other advanced components for building financial models.
Exclusive
LIBRARY
Valuing a business: the analysis and appraisal of closely held companies
- 2022
- Shannon P. Pratt and the ASA Educational Foundation
- McGraw Hill Education
Covers different valuation principles and methods.
Exclusive
LIBRARY
Financial modeling in Excel for dummies
- 2022
- Danielle Stein Fairhurst
- John Wiley & Sons, Inc.
This books provides practical hands-on exercises to help you build powerful models from scratch, and to work with existing financial models in Excel. Includes chapters on tools and techniques for financial modeling, applying scenarios, charting and presenting model output, building an integrated financial statements model, discounted cash flow valuation, and budgeting for capital expenditure and depreciation.
Exclusive
LIBRARY
BVB insights: data and analysis on UK private company multiples
- 2021
- Business Valuation Benchmarks
- Business Valuation Benchmarks
Independent analysts, from BVB Ltd, have collated and interpreted transactions data involving private companies. The result is an in-depth overview of transaction multiples paid for UK private companies for the year ended December 2020 (previous editions are also available).
Exclusive
LIBRARY
Valuing businesses using regression analysis: a quantitative approach to the guideline company transaction method
- 2021
- C. Fred Hall III
- Wiley
Demystifies regression-based valuation through simple explanations, easy-to-understand charts, and time-saving bonus resources. Current methodologies using median, quartiles, or standard deviations to calculate revenue multipliers and cash flow multipliers often produce values that are wildly divergent.
Exclusive
LIBRARY
Financial modeling for decision making: using MS-Excel in accounting and finance
- 2020
- Ron Messer
- Emerald Publishing Limited
This book provides accounting students in post-secondary institutions with an advanced level understanding of how to use MS-Excel.
Exclusive
LIBRARY
Artificial Intelligence for Audit, Forensic Accounting, and Valuation : A Strategic Perspective
- 2020
- Al Naqvi
- John Wiley & Sons,
An artificial intelligence revolution is sweeping through the world. Auditors and forensic accountants in firms of all sizes and types are trying to understand what it means for them. Many want to explore how to build plans for total intelligent automation to move their companies forward into the new AI economy.
Exclusive
LIBRARY
Art of business valuation: accurately valuing a small business
- 2020
- Gregory R. Caruso
- Wiley
This book examines a range of questions you may encounter in a valuation process. The book will supply helpful solutions to common issues that arise when a small business is valued.
Terms of use
You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Multiples and deal data
Exclusive
Private company multiples
- eBook
- 01 Jun 2023
Access data on the multiples paid for UK private businesses.
Valuation standards
International Valuation Standards 2022
- Regulations
Read the latest edition of IVS (International Valuation Standards), effective from 31 January 2022.
Industry press
The ICAEW Library & Information Service provides a hand-picked collection of industry press articles as a benefit of ICAEW membership. If you are unable to access an article, please see our Online resources troubleshooting or contact library@icaew.com.
Exclusive
Update on current inputs for valuations amid high inflation
- 01 Dec 2023
Carla Nunes and Jim Harrington report on carrying out valuations amid high inflation. They discuss current economic conditions and provide some latest estimates (using US data) for key inputs that
analysts can consider using in their valuations. During times of uncertainty, valuation analysts should challenge the data they use and make sure that their overall assumptions make sense.
Exclusive
New research finds that industries have different growth rates
- 01 Nov 2023
Many business valuation analysts use the same long-term real GDP growth plus expected inflation in their terminal values for all industries. But that is incorrect, says Roger Grabowski (Kroll), based on new research he is doing with Dr. Ashok Abbott (West Virginia University). Their findings also point to it often being preferable to use the three-stage discounted cash flow (DCF) model, not the typical two-stage model.
Exclusive
The 'G' element in 'ESG' for commercial real estate
- 01 Sep 2023
- Bruce Turner
Bruce Turner explores our rapidly evolving understanding of ESG factors related to commercial real estate, and its challenges to market acceptance in either investment analysis or valuation. He also looks briefly at responses to ESG by professional valuers' associations in a still uncertain environment.
Exclusive
Determining working capital adjustments using a Bardahl analysis
- 01 Sep 2023
An excerpt from Gary Trugman’s Understanding Business Valuation, 6th edition, which gives some practical advice on how to use a Bardahl analysis to adjust for working capital. Business valuers often need to determine how much working capital is required for a company's operations, and the Bardahl analysis method is one way of going about this. It can be a particularly useful tool for manufacturing companies.
Exclusive
A model for forecasting a multiple-location, growing business
- 01 Mar 2023
A look at how valuation expert Gary Trugman (Trugman Valuation) dealt with a business valuation for a growing New York fitness club franchise with multiple locations. Trugman developed a 'profile' of the company's typical location, based on historical financial information. That profile was then used to forecast the performance of future locations to use in a discounted cash flow (DCF) approach.
Exclusive
The valuation of special share classes in the UK
- 01 Feb 2023
- Andrew Strickland
A special analysis by Andrew Strickland, upon the release of the Worked Example Group’s 'Valuation of Growth Shares' exposure draft. He explains the issues the exposure draft has thrown out for consideration to the UK business valuation community.
Exclusive
Measuring and disclosing corporate valuations of impacts and dependencies on nature
- 01 Nov 2022
- Jakki Mohr, Carmen Thissen
An in-depth article on natural capital valuations (also known as natural capital assessments and natural capital accounting). The authors carried out a qualitative research study into the approaches taken by companies to natural capital valuations, undertaking 30 interviews with executives from multinational conglomerates, international consulting firms, and international environmental NGOs.
Exclusive
Damodaran on how inflation plays out in company valuations
- 01 Aug 2022
Valuation experts grappling with how to assess the impact of inflation on their subject company received some practical advice from Aswath
Damodaran (New York University Stern School of Business) in a recent webinar. He uses just six data inputs which can be put in a framework and adapted to illustrate the impacts of inflation.
Terms of use
You are permitted to access articles subject to the terms of use set by our suppliers and any restrictions imposed by individual publishers. Please see individual supplier pages for full terms of use.
Find more articles
The ICAEW Library & Information Service provides Valuation Community members with access to full text articles from a selection of journals focusing on business and share valuation.
Online magazines
The following online journals are available to logged-in ICAEW members, ACA students, Valuation Community members and other entitled users subject to suppliers' terms of use. If you have any difficulty accessing these resources, please see our online resources troubleshooting page or get in touch.
Exclusive
Business Valuation Update
- Business Valuation Resources
US magazine covering a wide range of news, analyses, and expert debate on the hottest valuation issues. Each monthly issue includes new thinking from leading professionals, detailed reports from valuation conferences, analysis of new business valuation approaches, brief analysis of 'landmark' legal cases and regulatory and standards updates.
Exclusive
Canadian Property Valuation
- Appraisal Institute of Canada
Canadian Property Valuation magazine is a leading valuation industry publication, dedicated to serving the Canadian appraisal community. It features important technical and industry-related articles written by experts in the field.
Articles and books in the Library collection
The Library & Information Service holds a print collection of over 45,000 books and around 160 current professional journals. For information on borrowing books from the Library please contact us or see our guide to book loans.
SBBI yearbook: stocks, bonds, bills, and inflation, 2023
- 2023
- R.G. Ibbotson
- Kroll
An annual resource for historical US capital markets data, covering the period from January 1926 to the present. It sets out returns, index values, and statistical analyses for a number of asset classes.
Rayney's tax planning for family and owner managed companies, 2023/24
- 2023
- P.Rayney
- Bloomsbury Professional
This book examines a wide variety of tax planning matters from the viewpoint of the company, its working and nonworking shareholders and its employees. Includes information on valuing a family or owner-managed company. The book covers all relevant legislative changes up to August 2023.
Valuing a business: the analysis and appraisal of closely held companies
- 2022
- S.P.Pratt
- New York: McGraw-Hill
Aims to offer clear, concise coverage of valuation principles and methods. Includes information on writing and reviewing business valuation reports, valuing specific assets, instruments and interests, valuations for specific purposes and litigation and dispute resolution.
Practical share valuation
- 2019
- N.A. Eastaway
- Bloomsbury Professional
This popular handbook aims to help practitioners understand and tackle the issues and potential problems that may arise when preparing and reviewing a valuation of unquoted shares or intangible assets.
Accounting for financial instruments: a guide to valuation and risk management
- 2017
- E.Camilleri
- Routledge
A book about the accounting and regulatory framework associated with the acquisition and disposal of financial instruments, including how to determine their value and ultimately compile a business valuation report.
Private equity: law and practice
- 2015
- D.J. Cooke
- Sweet & Maxwell
This book covers the major legal and business aspects of funding via private equity.
Valuation: the market approach
- 2014
- S.Bernstrom
- Chichester
This book begins with an in-depth review of the basics of using the market approach to valuing a company, which is then applied in a detailed worked example.
Find more articles and books
- Access key valuation eBooks
- View a list of valuation articles in our print collection
- View a list of valuation books in our print collection
To find out how you can borrow books from the Library please see our guide to book loans. You can obtain copies of articles or extracts of books and reports by post, fax or email through our document supply service.
Legal cases
Exclusive
Valuation Community legal cases
- Hub page
- 29 Nov 2023
Key legal cases relevant to Valuation Community members, with links to the judgments on Bailii and details of related articles held by the ICAEW Library and Information Service.
Knowledge guides
Knowledge guides are a series of guides produced by the ICAEW Library & Information Service that take an in-depth look at the print and online resources available in a number of key areas.
Beta values
- 16 Jan 2023
- ICAEW Library and Information Service
Beta values (often described as 'beta coefficients' or 'beta relatives') are used by some investors to measure the movement of a share and to help assess the risk involved when putting together an investment portfolio. In this guide we highlight the print and online sources available for beta values.
P/E ratios
- 09 Nov 2022
- ICAEW Library and Information Service
Price/earnings ratios are used for many purposes, including investment analysis, company valuation and client benchmarking. In this guide we look at the sources available for P/E ratios.
UK share prices
- 06 Jan 2023
- ICAEW Library and Information Service
Share prices are reported in numerous places, from the market pages of broadsheets to individual company websites. This research guide lists a range of sources for current and historical UK share prices.
Retail Prices Index (RPI) and Consumer Prices Index (CPI)
- 21 Feb 2023
- ICAEW Library and Information Service
In our in-depth guide to the Retail Prices Index (RPI), the Consumer Prices Index (CPI), and the Consumer Prices Index including owner occupiers' housing costs (CPIH), we set out a range of sources for current and historical UK price indices data.
Enquiries
Enquiry service
The ICAEW Library enquiry team can help answer questions on a wide range of valuation topics.
Our mission is to help you get the answers you need, whether it's up-to-date model documents or in-depth research. We have access to specialist databases and a world-class library of articles, books and manuals, both online and at Chartered Accountants' Hall. We can email many documents directly to you (subject to licences).
Contact us by telephone on +44 (0)20 7920 8620, by web chat or by email at library@icaew.com.
Useful links
Football clubs' valuation: The European Elite 2022
- Football Benchmark
Football Benchmark analysis providing an indication of the enterprise value (EV) of prominent European football clubs, based on their financial statements as well as the latest market trends and sentiments.
HMRC shares and assets valuations for tax (SAV)
- HMRC
Guidance from HMRC explaining the role of the HMRC Shares and Assets Valuations (SAV) team, how to get a Post Transaction Valuation Check and how to appeal a valuation.
Mark to Market Insights
- Mark to Market
MarktoMarket's monthly Valuation Barometers cover deals and valuation multiples in UK M&A.
Price Earnings Ratio Database (PERDa)
- perda.net
Tracks European P/E ratios based on data from completed private company deals. Data for the UK is published in the twice-yearly newsletters.
Private Company Price Index (PCPI)
- BDO
Quarterly newsletter from BDO which includes an analysis of the price/earnings ratio for private company sales in the UK.
Property valuation standards
- Royal Institution of Chartered Surveyors
Royal Institution of Chartered Surveyors (RICS) standards and guidance notes on commonly used valuation methods and how to value particular property asset types, including Data centres, Public houses, bars, restaurants and nightclubs, Residential property purpose built for renting and Woodlands.
Small and Medium Enterprises Valuation Index (UK 200 Group)
- UK200Group
SME company valuation index from the UK 200 Group, drawing on deal data from UK200Group Corporate Finance members. Provides annual figures for median P/E, median EBITDA, mean P/E, mean EBITDA and average deal size (£m). Last updated in November 2020.
Valuation standards around the world
- Valuology
Profiles of the valuation regulatory infrastructure in over 100 jurisdictions from around the world.
Terms of use
ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided ‘as is’ with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.
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Our thought leadership is intended to change thinking and behaviour. We want to help our members do their jobs as best they can. Ultimately, this will enable a world of sustainable economies.
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