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. For capital gains tax generally, 'market value' means the price which an asset might reasonably be expected to fetch on a sale in the open market1, see C2.120. For unquoted shares there may be restrictions and rights on the shares within the company's articles which impact on the valuation.
Restrictions on transfer of shares
Many companies contain in their articles of association a restriction on the transfer of shares and this restriction has to be taken into account in the valuation. The articles often go further and stipulate the price or the basis of calculation
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