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Shares and securities listed in the Stock Exchange Daily Official List

As described in C2.109 there are specific circumstances when the consideration for the disposal of an asset is deemed to be its market value. In the case of shares and securities listed in the Stock Exchange Daily Official List, special rules are laid down to establish the market value. When valuing shares other than at 6 April 1965 (see below), the market value of shares on the SEDOL is¹:

1. Ìý

   •ÌýÌýÌýÌý on any day the Stock Exchange is open, the lower of the two prices shown in the List for that day as the closing price for the shares or securities plus one-half of the difference between those two figures (ie the mid-price in sources such as newspapers where only one price is quoted), and

2. Ìý

   •ÌýÌýÌýÌý on any day the Stock Exchange is closed, that value on the latest previous day on which it was open

Thus if the Stock Exchange quotations are £90 and £95 the halfway price