V3.161 Open market value

A supply is valued, if HMRC so directs, at open market value if:

  1.  

    •     a supply is made to a connected person at for a consideration in money which is less than open market value, and, if the supply is a taxable supply, that person is not entitled under VATA 1994, ss 25, 26 to credit for all of the VAT charged1

  2.  

    •     a supply is made to a tour operator by a connected person and the value of the supply is greater than its open market value2

  3.  

    •     a 'stock in trade car' is supplied

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