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The word 'price'¹ for estate duty meant the best possible price obtainable².

However, as Lords Reid and Morris of Borth-y-Gest said³:

'…there is no universal rule that the best possible prices at the date of death must be taken' and '…the stipulation that an estimate must be made of the value which a property would fetch if sold in the open market does not…require an assumption that the highest possible price will be realised. It involves that an estimate should be made of the price which would be realised under the reasonable, competitive conditions of an open market on a particular date'

In Spring Capital Ltd v HMRC⁴ the judge commented on the 'reality principle' to be derived from Buccleuch, and stated that it must be supposed that the sellers would take the necessary reasonable steps to sell the trade for the highest price — see C3.1504.

Although the price realised under competitive conditions is likely to be the best price, the best 'possible'