The market value of shares for the purposes of this Schedule, if not agreed between the employer company and the Inland Revenue or referred to the Commissioners under sub-paragraph (4), shall be determined by the Inland Revenue.

The employer company may appeal against any such determination.

Notice of appeal must be given to the Inland Revenue within 30 days after their notice of their determination was given to the employer company.

The employer company may, at any time before notice of determination by the Inland Revenue has been given to it, by notice given to the Inland Revenue require the question of the market value of the shares to be referred to the Commissioners.

Any such reference shall be determined by the Commissioners in the same way as an appeal.

An appeal or reference under this paragraph lies to the General Commissioners or, if the employer company so elects (in accordance with section 46(1) of the M1Taxes Management Act 1970), to the Special Commissioners.