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I have to challenge some of the views expressed in Mick Ruse's Circumstances alter cases. It is not improbable that he will have expected me to do so.
The historical position
Before the House of Lords decision in Lynall v CIR 47 TC 375 in 1971 it was generally accepted by both Shares Valuation Division (SVD) and specialist practitioners that all relevant information was assumed to be available in all cases large and small.
In Lynall the directors of Linread Limited were at the date of death of the shareholder well on the way to a flotation of the company on the Stock Exchange.
The executors claimed that information about the prospect of flotation would not be available to purchasers of the shares in the imaginary sale postulated by of FA 1894 s 7(5) (now IHTA 1984 s 160).
The...
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