[ERSM20400] Employment-related securities and options: meaning of 'market value'
In the old legislation the principle for valuing securities varied according to the charging provision in point:
•money's worth, which is something capable of being converted into money or something of direct monetary value (e.g. the interpretation of the term ‘emoluments’ used at ICTA88/S131(1), as developed by case law),
•what might reasonably be expected to be obtained from a sale in the open market (e.g. ICTA88/S135(3)(a) on share options), and
•the Capital Gains tax (TCGA) value (e.g. ICTA88/S162 on notional loans).