The hypothetical sale takes place on the day of disposal (or deemed disposal) with all necessary preliminary arrangements having been completed beforehand in the usual way.
Duke of Buccleuch v IRC [1966] 1 QB 851:
"You are to envisage a hypothetical sale in which all the preliminary arrangements have been made prior to the time of death so that the sale can take place at the time of death. Only in that way can you estimate the price it would fetch if sold at the time of death."
Lord Denning MR at page 871
In re Lynall [1971] 3 AER 914
"... by throwing the sale open to competition when the price will be the highest price that anyone offers. That implies that there has been adequate publicity or advertisement before the sale.
Lord Reid at pages 917-18
| Additional Guidance: SVM150000 |
