{
  "url": "https://openlegislation.uk/finance-act-2003/section-118",
  "json_url": "https://openlegislation.uk/finance-act-2003/section-118.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "section/118",
  "kind": "section",
  "number": "118",
  "heading": "Meaning of “market value”",
  "text": "(1) For the purposes of this Part “market value” shall be determined as for the purposes of the Taxation of Chargeable Gains Act 1992 (c. 12) (see sections 272 to 274 of that Act).\n(2) This is subject to paragraphs 7(7) and 17(7) of Schedule 7A (which define “market value” for certain purposes of PAIF seeding relief and co-ownership scheme seeding relief).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 118 renumbered as s. 118(1) (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 10(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 118(2) inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 10(b)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 118(2) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 57(3) (with reg. 63)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/section/118",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}