{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-272",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-272.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "section/272",
  "kind": "section",
  "number": "272",
  "heading": "Valuation: general.",
  "text": "(1) In this Act “market value” in relation to any assets means the price which those assets might reasonably be expected to fetch on a sale in the open market.\n(2) In estimating the market value of any assets no reduction shall be made in the estimate on account of the estimate being made on the assumption that the whole of the assets is to be placed on the market at one and the same time.\n(3) The Treasury may make regulations as to the manner for determining for the purposes of this Act—\n(a) the market value at any time of shares or securities which are included in the official UK list, and\n(b) the market value at any time of shares or securities which are listed on a recognised stock exchange outside the United Kingdom.\n(4) The regulations may—\n(a) make different provision for different cases, and\n(b) contain incidental, supplemental, consequential and transitional provision and savings.\n(5) In this Act “market value” in relation to any rights of unit holders in any unit trust scheme the buying and selling prices of which are published regularly by the managers of the scheme shall mean an amount equal to the buying price (that is the lower price) so published on the relevant date, or if none were published on that date, on the latest date before.\n(6) The provisions of this section, with sections 273 and 274, have effect subject to sections 25A and 41A and Part I of Schedule 11.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "S. 272(3)(4) substituted (with effect in accordance with Sch. 26 para. 4(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 26 para. 4(1); S.I. 2015/635, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 272(6) inserted (19.7.2006) by Finance Act 2006 (c. 25), Sch. 9 para. 6(2)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 272 applied (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 18(5)"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "S. 272 applied by Income and Corporation Taxes Act 1988 (c. 1), ss. 591C-591D (as inserted (with effect in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(1))"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "S. 272 applied (E.W.S.) (8.11.1995) by Gas Act 1995 (c. 45), ss. 17(1), 18(2), Sch. 5 para. 10(2)"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "S. 272 applied by Building Societies Act 1986 (c. 53), s. 102C(3) (as inserted (with effect in accordance with s. 2(2) of the amending Act) by Building Societies (Distributions) Act 1997 (c. 41), s. 1(1))"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "S. 272 applied (22.7.2004) by Finance Act 2004 (c. 12), s. 278(1) (with Sch. 36)"
    },
    {
      "type": "C",
      "label": "C6",
      "text": "Ss. 272-274 applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 210(1), 1184(1) (with Sch. 2)"
    },
    {
      "type": "C",
      "label": "C7",
      "text": "S. 272(2)-(4) applied (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 24(5)"
    },
    {
      "type": "C",
      "label": "C8",
      "text": "S. 272(5) applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 10(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/272",
    "retrieved_at": "2026-10-29T09:36:15.270072+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}