This paper discusses approaches to the valuation of shares in private companies. It begins by outlining existing approaches for tax purposes, and for non-tax purposes including sale of the whole company (or less often a shareholding), on divorce or shareholder litigation, for accounting. It then considers particular issues arising for valuation of trading companies and property investment companies, and complications involving minority discounts and different classes of share. The paper also evaluates formulary approaches to valuation. Finally, it considers practical aspects of valuation involving the Shares and Assets Valuation (SAV) team within HMRC.