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It's worth mentioning that HMRC will look at any recent fundraising when agreeing valuations. In a common scenario of a new(ish) company which has yet to make a profit and is setting up an EMI scheme, it's quite possible to arrive at a valuation...

It's worth mentioning that HMRC will look at any recent fundraising when agreeing valuations. In a common scenario of a new(ish) company which has yet to make a profit and is setting up an EMI scheme, it's quite possible to arrive at a valuation under the earnings basis of little more than par value - companies at that stage are often loss making and have few assets - but if there has been (say) an EIS fundraising at £10 a share then HMRC have, in my experience, been remarkably reluctant to agree a share valuation of less than this.

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