28.     Valuation date value of an instrument

 

(1)     Despite paragraph 29, the valuation date value of an instrument as defined in section 24J must be-

 

(a)     the adjusted initial amount as determined in terms of that section on valuation date; or

(b)     the price which could have been obtained upon a sale of that instrument between a willing buyer and a willing seller dealing at arm’s length in an open market-

(i)      in the case of an instrument which is listed on a recognised exchange, on the last trading day before valuation date; or

(ii)     in any other case, on valuation date.

 

(2)     Where a person has adopted the adjusted initial amount as the valuation date value of an instrument (other than an instrument listed on a recognised exchange), as contemplated in subparagraph (1)(a), and the proceeds from the disposal of that instrument are less than that adjusted initial amount, the valuation date value of that instrument must be the time-apportionment base cost of that instrument, as contemplated in paragraph 30.