All chapters within Part 7 of ITEPA (section 62 is in Part 3
Chapter 1) now use the Capital Gains Tax definition of market value
as does the related legislation on Corporation Tax deductions in
Schedule 23 Finance Act 2003.
Section 421 ITEPA provides that ‘market value’
has the same meaning as it does in Part 8 of the Taxation of
Capital Gains Act (TCGA), in particular, sections 272 and 273.
As indicated in this chapter at
SVM109030, joint elections are usually
made when securities are acquired, for an unrestricted market value
(UMV) to apply. The UMV is simply the market value of the
securities ignoring the restrictions (usually all of them) in
question.
| Additional Guidance: SVM150000 |
