Section 421 [Meaning of “market value” etc.]
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Amendments
Section 421 and heading substituted by Finance Act 2003 section 140 and Schedule 22(2).
(1) In this Chapter and Chapters 2 to 5 “market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
(2) Where consideration for anything is given in the form of an asset (as opposed to a payment), any reference in this Chapter or any of Chapters 2 to 5 to the amount of the consideration is to the market value of the asset.
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