Section 272 | Valuation: general.

(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.

(3)The Treasury may make regulations as to the manner for determining for the purposes of this Act—^F1

(a)the market value at any time of shares or securities which are included in the official UK list, and^F1

(b)the market value at any time of shares or securities which are listed on a recognised stock exchange outside the United Kingdom.^F1

(4)The regulations may—^F1

(a)make different provision for different cases, and^F1

(b)contain incidental, supplemental, consequential and transitional provision and savings.^F1

(5)In this Act “market value” in relation to any rights of unit holders in any unit trust scheme the buying and selling prices of which are published regularly by the managers of the scheme shall mean an amount equal to the buying price (that is the lower price) so published on the relevant date, or if none were published on that date, on the latest date before.

(5AA))In this Act “market value” in relation to shares of a given class in an open-ended investment company the prices of which are published regularly by the authorised corporate director of that company (whether or not those shares are also quoted in The Stock Exchange Daily Official List) shall mean an amount equal to the price so published on the relevant date, or if no price was published on that date, on the latest date before that date.^F2

(5AB)In subsection (5AA) “authorised corporate director” has the meaning given by subsection (10) of section 468 of the Taxes Act, read with subsections (16) and (17) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997; and accordingly the reference in subsection (16) of that section to “the Tax Acts” shall be construed as if it included a reference to this Act.^F2

(6)The provisions of this section, with sections 273 and 274, have effect subject to sections 25A and 41A and Part I of Schedule 11.^F3