Commentary

I8.202 The open market

IHT, trusts and estates

I8.202 The open market

I8.202 The open market

The reference in the statutory definitions to 'the' open market does not relate to any particular market because there is no one actual market where all types of property (land, shares, antiques, interests in expectancy etc) can be dealt in. The courts have therefore envisaged a hypothetical market with certain ideal attributes. The Stock Exchange is, perhaps, the biggest and best practical example of an open market1, followed by an auction. However, sales by other methods are often recognised as the best available guides where a sale has taken place at a time near to the

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