Regulation 4 Valuation of property
The value of the property of a scheme shall be calculated in accordance with the provisions of this regulation.
Cash and amounts held on a current or deposit account shall be taken at their nominal value.
The value of an option which is written for the scheme on property of any description shall be the total of the amount of premium which would be paid if an option of that kind on property of that description were purchased at the relevant time on the best terms then available on an approved options and futures market on which such options are traded and an estimated amount of such fiscal charges, commission and other charges as would be payable by the purchaser of such an option, calculated on the basis that the commission and charges payable were the least that could reasonably be expected to be paid in connection with the transaction.
The value of a margined contract, which is not a written option, shall be whichever is applicable of the following—
in a case in which margin would be received for the account of the scheme if the contract were to be closed out at the relevant time, the amount of margin which would be receivable if the contract were closed out at that time on the best terms then available on an approved options and futures market on which contracts of that kind are traded less an estimated amount of such fiscal charges, commission and other charges as would be payable if the contract being valued were then closed out, calculated on the basis that the commission and charges payable were the least that could reasonably be expected to be paid in order to close out the contract; and
in a case in which margin would be payable out of the property of the scheme if the contract were to be closed out at the relevant time, a negative amount equal to the total of the amount of margin which would be payable if the contract were closed out at that time on the best terms then available on an approved options and futures market on which contracts of that kind are traded and an estimated amount of such fiscal charges, commission and other charges as would be payable if the contract being valued were then closed out, calculated on the basis that the commission and charges payable were the least that could reasonably be expected to be paid in order to close out the contract.
All other property shall be valued—
in the case of property which is an investment of any description other than a unit in a collective investment scheme, at the market dealing bid price of that investment at the relevant time;
in the case of property which is units in a collective investment scheme, at the amount which would be received if units of the kind in question were offered for redemption at the relevant time in what, in the reasonable opinion of the manager, is a standard size; and
if there is no price of the property in question under sub-paragraph (a) or (b) above, at a reasonable estimate of the amount which would be received by a seller by way of consideration for an immediate transfer or assignment from him at arm’s length less any fiscal charges, commission and other sales charges which would be payable by him.