Part 3

Employment income: earnings and benefits etc. treated as earnings
Chapter 10

Taxable benefits: residual liability to charge

Supplementary provisions

Meaning of “market value”
208
For the purposes of this Chapter the market value of an asset at any time is the price which the asset might reasonably be expected to fetch on a sale in the open market at that time.
Pt. 3 Ch. 10 excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Income Tax (Exemption of Minor Benefits) (Coronavirus) Regulations 2020 (S.I. 2020/1293), regs. 1(2), 2 (with reg. 1(2))