One of the arguments put forward on behalf of Grays Timber was that 'market value' has a consistent meaning throughout ITEPA 2003 Part 7: in arriving at market value all rights and restrictions are taken into account; not just those which are found in the articles. Section 421 of ITEPA 2003 provides 'in this Chapter 1 and Chapters 2 to 5 'market value' has the same meaning as it has for the purposes of TCGA 1992.'
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One of the arguments put forward on behalf of Grays Timber was that 'market value' has a consistent meaning throughout ITEPA 2003 Part 7: in arriving at market value all rights and restrictions are taken into account; not just those which are found in the articles. Section 421 of ITEPA 2003 provides 'in this Chapter 1 and Chapters 2 to 5 'market value' has the same meaning as it has for the purposes of TCGA 1992.'
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