General resources - valuation

The meaning of fair value in Articles of Association.

There have been several cases heard in the Tax Tribunal relating to the values to be ascribed to shares in small public companies that have been gifted to charity. These companies have normally been launched onto the AIM market or the Channel Islands Stock Exchange (CISX) relatively shortly before the gifts are made. Examples of such cases in the public domain include N Green and HMRC (Chartersea plc), J Netley and HMRC (Frenkel Topping Group plc), McArthur and Anor and HMRC (Baa Bar Group plc), Nice, Robinson and HMRC (Mount York) and Close, Nuttall and HMRC (Readybuy plc). These cases cover ...

Smith and Smith [2022] EWHC 1035.

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.

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.

The case of Gallagher and Gallagher [2022] EWFC 53.

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.

The case of Caroline Stanbury leaving the Gift Library and the liquidators bringing a claim against her.

The renowned Judge Mostyn heard a case involving an appeal against the removal of a doctor from the Medical Register.

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.