1.1.M.40 Market value

Usage

This definition applies to all payments.

Definition

The market value is the point at which a willing purchaser and a willing, but not anxious vendor, would reach agreement.

The market value of an asset (1.1.A.290) is only decreased by the value of an encumbrance (1.1.E.108) secured against it. The market value of an asset is not reduced by any costs which may be incurred IF the asset was to be sold.

Policy reference: SS Guide 4.6 Assets, 4.6.6 Determining the value of an asset, 4.1 Deprivation of income & assets

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