(1) In this Part, subject to the other provisions thereof, the market value of any property shall be estimated to be the price which the property would fetch if sold in the open market on the valuation date in such manner and subject to such conditions as might reasonably be calculated to obtain for the vendor the best price for the property.

(2) In estimating the market value of any property in accordance with subsection (1) no deduction shall be made from the market value of property for any debts or incumbrances.

(3) Notwithstanding subsections (1) and (2), where as respects the 6 April 2001 valuation date -

(a) full consideration in money or money's worth has been paid for property by the assessable person concerned or, where the assessable person is a discretionary trust by the trustees of that discretionary trust, or by some other person on behalf of that assessable person, or