Case Law

Every possible purchaser must be taken into account in determining the open market value. IRC v Clay, IRC v Buchanan 1914 3 KB 466

In both Ellesmere v Commissioners of Inland Revenue 1918 2 KB 735 and AG of Ceylon v Mackie 1952 2 ALL ER 775, it was held that market value is determined based on the open market value of the property.