The introduction of the higher rate of BPR of 100%, which applies to all unquoted shares qualifying for the relief1, means that in many cases it will not be necessary to value unquoted holdings with 75% or more of the votes. There may, however, still be some holdings which have to be valued, for example because the transferor has not owned them for the requisite two years before a transfer occurs, or the company is a property or investment holding company, or owns excepted assets.
For a further information on BPR generally see Division I7.1.
A holding carrying 75% of the votes entitles the owner to pass a special resolution, by which he can stop trading and liquidate the company, carry on trading, change the nature of the business (subject to possible limitation by the memorandum of association), alter the composition of the board, and so on, as he pleases. The value of such a holding will be the going concern value or, if it is higher, the break-up value, although a
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