ITEPA03/S421 establishes that ‘market value’ has the same meaning as Part 8 of TCGA 1992. In particular, TCGA92/S272 provides the general rule:
(1)In this Act ‘market value’ in relation to any assets means the price which those assets might reasonably be expected to fetch on a sale in the open market.
(2)In estimating the market value of any assets no reduction shall be made in the estimate on account of the estimate being made on the assumption that the whole of the assets is to be placed on the market at one and the same time.
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