10
Land
10.1
The value of any land of a firm (other than land held by the firm as security for a debt or to which 10.2 or 15.1 applies) must be not greater than the amount which (after deduction of the reasonable expenses of sale) would be realised if the land were sold at a price equal to the most recent proper valuation of that land which has been provided to the firm and any such land of which there is no proper valuation must be left out of account for the purposes of this Part.
- 01/01/2016
10.2
The value of any interest in land which is determinable upon the death of any person or upon the happening of some other future event or at some future time must be the amount which would reasonably be paid by way of consideration for an immediate transfer thereof.
- 01/01/2016