Section 554Z3 | Value of relevant step ^F1

(1)If the relevant step involves a sum of money, its value is the amount of the sum.

(2)In any other case, the value of the relevant step is—

(a)the market value when the relevant step is taken of the asset which is the subject of the step, or

(b)if higher, the cost of the relevant step.

(3)Subsection (2)(a) is subject to sections 437 and 452.

(4)Subsection (2)(b) is to be ignored if—

(a)the relevant step is within section 554C(1)(c), and

(b)any of Chapters 2 to 4A of Part 7 apply by virtue of the acquisition.

(5)Subsection (2)(b) is also to be ignored if section 554Z7 applies.

(6)In subsection (2)(b) the reference to the cost of the relevant step is to the expense incurred in connection with the relevant step (including a proper proportion of any expense relating partly to the relevant step and partly to other matters) by the person or persons at whose cost the relevant step is taken.

(7)Subsections (1) and (2) are subject to sections 554Z4, 554Z5, 554Z6, 554Z7 and 554Z8, which, so far as applicable, are to be applied in that order.