Old legislation

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).

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