For capital gains tax, inheritance tax and income tax purposes relating to employment-related securities, the market value of an asset is ‘the price that asset might reasonably be expected to fetch on a sale in the open market’. In arriving at that figure the fact that the entire asset is placed on the market at the same time is not to be taken as requiring any reduction in the value (TCGA 1992, s. 272(1)–(2); IHTA 1984, s. 160). Thus, if an asset, or perhaps a collection of assets would ‘flood the market’ by increasing the supply over the demand, the fact that the price obtainable would be depressed, is to be ignored.

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