Court of appeal decision on the valuation of trade related properties.

“The Court of Appeal has handed down judgment in HMRC v Denning [2022] EWCA Civ 909, concerning the correct approach to the valuation of interests in “trade related properties”.

The Court allowed HMRC’s appeal, holding that a capitalised value for the “trading potential” of the leasehold interests, agreed between the experts in the case, formed part of the value of the land and not a separate asset of “transferable goodwill”.

John Brinsmead-Stockham represented HMRC before both the Upper Tribunal (Lands Chamber) and the Court of Appeal.”