Reviewed case brief
Commissioner of Inland Revenue v Crossman
[1937] AC 26
The House of Lords held that shares are not merely a right to a proportionate share in assets but represent a "bundle of rights" defined by the company's Articles. Restrictions on transfer in the AOA must be factored into valuation. The decision clarified that shares derive their character from the
- Court
- House of Lords
- Year
- 1937
- Subjects
- Company Law
- Reviewed
- 2026-06-30
Rule established
The value of shares for estate duty purposes includes all rights attached to them under the Articles of Association, including restrictions on transfer; shares represent a bundle of rights.
Facts
Issues
Held
Ratio decidendi
How to use it in an exam
Editorial source
[1937] AC 26
Educational summary only. Read the reported judgment or an authorised law report before relying on the case professionally.