Unquoted share valuation - a misguided move?
Article Abstract:
Owners of shares unquoted as of March 31, 1982, are likely to encounter tax problems relating to fiscal valuation due to a small but significant change in the practice of the Shares Valuation Division (SVD) of the Inland Revenue. The change will see the SVD conducting valuation negotiations prior to the formal request for valuation from tax offices. Previously, the SVD waited for liaison units to settle valuations formally requested by tax offices before conducting valuation negotiations. Several factors can render this change in SVD operations ineffective, including the ambiguous subject matter of valuation; the lack of understanding among shareholders and within the SVD of the extra-statutory concession and statement of practice of May 25 1989, which concerns the treatment of shares; and shareholders' limited knowledge on fiscal valuation matters.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Share transfer: the restrictions
Article Abstract:
Stockholders rights to transfer shares can be restricted by company articles under the 1985 UK Companies Act. UK courts have upheld the discretion of company directors in the registration of share transfers as long as refusal to register shares is in the bona fide interests of a company. The law allows the restriction of share transfer through a pre-emption clause, under which others have the right to buy shares before they are publicly offered elsewhere. Companies can also protect shareholders from the effects of stock being held by others by refusing to register shares in cases where the transfer is a result of bankruptcy or death. The right to refuse transfer must be a positive act by the directors and is subject to a court review to determine whether the reasons given by directors were the actual grounds for just refusal.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1989
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