Commentary

I8.209 Summary of the open market conditions

IHT, trusts and estates

I8.209 Summary of the open market conditions

I8.209 Summary of the open market conditions

The open market is an ideal concept which no one actual market can entirely match, but prices fetched at sales in circumstances which meet most of the ideal requirements are usually accepted in practice as approximating to the open market price. Although a price obtained is not necessarily the market value, it will be taken into consideration and HMRC state that a District Valuer will have to show very good grounds for rejecting the market evidence where an actual sale price is known1.

The issue of an opinion on value will not be delayed

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