A1.159 Other definitions

A1.159 Other definitions

These definitions do not apply if the context otherwise requires.

'Absolutely entitled against the trustee' for capital gains purposes means that the person entitled has the exclusive right to direct how that asset shall be dealt with, subject only to satisfying any outstanding charge, lien or other right of the trustees to resort to the asset for payment of duty, taxes, costs or other outgoings1.

'The Board' means the Commissioners of Inland Revenue2.

'Collector' means any collector of taxes3.

'Inspector' means any inspector of taxes4.

'Market value' for capital gains purposes in relation to any assets means the price that those assets might reasonably be expected to fetch on a sale in the open market, subject to the

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