About Growth Shares Valuation
A small team reading HMRC's employment-related securities manuals and GOV.UK guidance for UK companies issuing growth shares.
The point of this site
A growth share's tax position is fixed by deadlines measured in days, and the tightest, 14 days for a section 431 election, is written into section 431 of ITEPA 2003 and repeated in HMRC's ERSM30450.
Who will find it useful
Founders, finance directors and advisers at UK private companies setting a hurdle and valuing a new growth share class.
What you will find here
The core is one question, "growth shares valuation", and a quote form that needs no login. Around it sit 3 guides. There is also a citable data table (figures and method) and the pages we read to build it.
- Unrestricted market value: the section 431 election on growth shares: Unrestricted market value for restricted growth shares: the section 431 election that ignores the restrictions, its 14-day window, and what HMRC says it changes.
- Growth shares rules change: what has moved and when: Rules a growth share valuation depends on that have changed: the capital gains tax rates set from 6 April 2016, and the rates that apply from 6 April 2026.
- Growth share valuation and HMRC: the forms and the timings: How a growth share valuation meets HMRC: the VAL231 and VAL232 forms on GOV.UK, the agreement times HMRC publishes, and the market value the initial charge is on.
Limits
- We do not give a value for a company's shares.
- We do not tell anyone a section 431 election is right for them.
- We do not paraphrase an HMRC deadline without quoting the HMRC or GOV.UK page it comes from.
Responsible for this site
Joseph Ellul-Turner, Director.
Contact
For anything about the site, see Contact or email enquiries@growthsharesvaluation.co.uk. Our Terms and Privacy pages set out the legal detail.
This site may be paid if an enquiry leads to valuation work. HMRC and the sources quoted have no part in that and do not endorse it.