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3(1)Tax under this Part of this Schedule is chargeable at the rate of 0.5 of the market value of the unit.
This is subject to any reduction under paragraph 4 or 5.
(2)The market value of a unit means whichever is higher of—
(a)the price the unit might reasonably be expected to fetch on a sale in the open market at the time of surrender, and
(b)its cancellation price, or if it is redeemed its redemption price, at that time, calculated in accordance with the trust instrument.
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