The Weekly Law Reports
[1971] 3 WLR 821
[HOUSE OF LORDS]
CRABTREE APPELLANT AND HINCHCLIFFE (INSPECTOR OF TAXES) RESPONDENT
[On appeal from HINCHCLIFFE (INSPECTOR OF TAXES) v. CRABTREE]
1971 July 13,
14,
15,
19;
Oct. 27
Oct. 27
Lord Reid, Lord Morris of Borth-y-Gest, Viscount Dilhorne. Lord Donovan and Lord Pearson
Revenue
— Capital gains tax
— Valuation of quoted securities
— Price which shares might reasonably be expected to fetch in open market
— Mid-market price of shares quoted on London Stock Exchange
— Take-over negotiations not published or communicated to Stock Exchange
— Whether “special circumstances”
— Whether prices quoted on London Stock Exchange proper measure of market value
—
Finance Act 1965 (c. 25), s. 44 (1) (3)
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