# Income Tax (Earnings and Pensions) Act 2003, Section 421: Meaning of “market value” etc


(1) In this Chapter and Chapters 2 to 5 “market value” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act.
(2) Where consideration for anything is given in the form of an asset (as opposed to a payment), any reference in this Chapter or any of Chapters 2 to 5 to the amount of the consideration is to the market value of the asset.

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Source: https://www.legislation.gov.uk/ukpga/2003/1/section/421 (the official version)
Page: https://openlegislation.uk/income-tax-earnings-and-pensions-act-2003/section-421
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.