“market value” in relation to an equity instrument-

 

(a)     of a private company as defined in the Companies Act or a company that would be regarded as a private company if it were incorporated under that Act, means an amount determined as its value in terms of a method of valuation –

 

(i)      prescribed in the rules relating to the acquisition and disposal of that equity instrument;

 

(ii)     which is regarded as a proxy for the market value of that equity instrument for the purposes of those rules; and

 

(iii)    used consistently to determine both the consideration for the acquisition of that equity instrument and the price of the equity instrument repurchased from the taxpayer after it has vested in that taxpayer; or

 

(b)     of any other company, means the price which could be obtained upon the sale of that equity instrument between a willing buyer and a willing seller dealing freely at arm’s length in an open market and, in the case of a restricted equity instrument, had the restriction to which that equity instrument is subject not existed;