Vinelott J in Re Cumana [1986]

“…in the field of valuation the experience of the valuer and his ability to form a sound commercial judgement is of overriding importance. The process of valuation cannot be reduced to the application of a set of abstract formulae.”

Maguire J in McNamee v RC [1954]

“In the result the translation of value into price (by the estate duty legislation) has brought about this strange formula which has aptly been described by various judges as an imaginary sale to a hypothetical purchaser in a hypothetical open market.”