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Practical Share Valuation 7th ed

ISBN13: 9781526505088
Previous Edition ISBN: 9781780435510
Published: April 2019
Publisher: Bloomsbury Professional
Country of Publication: UK
Format: Paperback
Price: £140.00

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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.

In many circumstances – including divorce, dispute or leaving a company – there is only one opportunity to present a valuation for agreement and the ultimate cost of an ill-prepared or inexpert valuation can be significant. While there is no substitute for an expert valuer, 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, Practical Share Valuation provides a wealth of easily accessible information, hints and tips to help you navigate through the potential minefield of share valuations.

Since the last edition published in 2014, there have been significant changes to tax avoidance legislation and several long-awaited litigation battles regarding tax avoidance issues have been heard. In addition, the new UK GAAP regime has come into effect.

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, the latter which has just been won by HMRC and which will have profound implications on similar avoidance schemes regarding the use of employee benefit trusts. 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;
  • 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.

Company Law, Taxation
Chapter 1. Introduction
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
Chapter 9. Capital gains tax and corporation tax on chargeable gains, stamp duty and income tax
Chapter 10. Inheritance tax
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
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
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