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This definition applies to all payments.
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, 4.1 Deprivation of Income & Assets
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Last reviewed: 19 September 2008
