Section 140 — Inheritance Tax Act 1984: Interpretation.

Interpretation. 140 1 In this Chapter— “ close company ” has the same meaning as in Part IV of this Act; “ interest in land ” does not include any estate, interest or right by way of mortgage or other security; “ shares ” includes securities; and “ the relevant date ”, “ the transferee ” and “ the transferred property ” shall be construed in accordance with section 131(1) above.

2 For the purposes of this Chapter the market value at any time of any property is the price which the property might reasonably be expected to fetch if sold in the open market at that time; but—

a that price shall not be assumed to be reduced on the ground that the whole property is on the market at one and the same time, and b in the case of unquoted shares , it shall be assumed that in that market there is available to any prospective purchaser of the shares all the information which a prudent prospective purchaser might reasonably require if he were proposing to purchase them from a willing vendor by private treaty and at arm’s length.