Definition of Basis of Value:

Market Value: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Statutory definition of Market Value (capital gains tax, inheritance tax and stamp duty land tax): Summary definition derived from legislation: 'The price which the property might reasonably be expected to fetch if sold in the open market at that time, but that price shall not be assumed to be reduced on the grounds that the whole property is to be placed on the market at one and the same time.' (Source: section 272 Taxation and Chargeable Gains Act 1992. Section 160 Inheritance Tax Act 1984, Section 118 Finance Act 2003).

Currency:

All sums noted are in GB Pound Sterling.

Declaration of Independence and Objectivity:

Stephen Drake Valuations Ltd declare that they will act professionally, independently and with objectivity regarding the assessment of the items as noted herein, regardless of their previous knowledge of any possible third parties.

Market Uncertainty

There are no obvious uncertainties pertaining to the current UK market for the items mentioned in any valuation

Restrictions on Publication

The report may not be reproduced in any form without the written consent of the instructor, executor(s) to the estate, or their authorised advisors.

Third Party Liability

No responsibility will be accepted to any third party in respect of the contents of this document, in whole or in part.