IHT400 Notes : Guide to completing your Inheritance Tax account

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UK Government and municipal securities Listed stocks, shares and investments Valuing unlisted shares 32 IHT400 Notes 1 2 Guide to completing your Inheritance Tax account This box should be used to list all UK Government and municipal securities, including: • Treasury Stock, Exchequer Stock, Convertible Stock, Consolidated Stock and Loan, Funding Stock, Savings Bonds, Victory Bonds, War Loans • Government stock held on the British Government Stock Register • all UK municipal securities, mortgages, debentures and stock in counties, cities or towns, dock, harbour and water boards, Port of London Authority, Agricultural Mortgage Corporation and Northern Ireland municipal stock. All stocks, shares, debentures and other securities listed on the Stock Exchange Daily Official List should be listed in these boxes. These include: • unit trusts • investment trusts • Open-Ended Investment Companies • Personal Equity Plans • shares held in an Individual Savings Account • foreign shares listed on the London Stock Exchange. Box 2 should be used for holdings of listed shares that did not give the deceased control of the company. If the deceased held shares that gave them control of the company they should be shown on Schedule IHT412 Unlisted stocks and shares and control holdings. Schedule IHT412 Unlisted stocks and shares, and control holdings Information on how to value unlisted shares is given in 'How to value the assets' on page 65 of this guide. We will usually ask HMRC, Shares and Assets Valuation to consider the value of unlisted shares; their helpline number is 0115 974 2222.
Traded unlisted stocks and shares Unlisted stock, shares and investments IHT400 Notes Listed stocks, shares and investments that gave the deceased control of the company Business relief Business relief and gifts of unlisted stocks and shares, and control holdings 1 and 4 2 and 3 5 Guide to completing your Inheritance Tax account You should include the following shares in these boxes: • shares listed on the Alternative Investment Market (AIM) • shares traded on OFEX (an unregulated trading facility for dealing in unlisted shares). Shares which did not give the deceased control of the company should be listed in box 1. Shares which did give the deceased control of the company should be listed in box 4. You should include the following shares in these boxes: • unlisted shares and securities in private limited companies • shares held in a Business Expansion Scheme (BES) or in a Business Start-up Scheme (BSS). Shares which did not give the deceased control of the company should be listed in box 2. Shares which did give the deceased control of the company should be listed in box 3. You should include the following in this box. All stocks, shares, debentures and other securities listed on the Stock Exchange Daily Official List which gave the deceased control of the company. If you want to deduct business relief from unlisted stocks and shares, and control holdings of listed stocks and shares you should read the notes in this guide for Schedule IHT413 Business and partnership interests and assets. For business relief to apply to a gift of unlisted stocks and shares, and control holdings, the following additional special rules apply: • the shares must have been owned by the person receiving the gift from the date of gift to the date the transferor died • the share must not have been subject to a binding contract for sale at the date of death • the shares would have qualified for Business Relief if the person receiving the gift had made a transfer of the shares at the date of death. The last rule does not apply to control holdings of listed shares or unlisted shares which were unlisted at the date of gift and remained unlisted throughout the period between the gift and the death of the deceased (or death of the person who received the gift, if they died first). 33
Page 1 and 2: Guide to completing your Inheritanc
Page 3 and 4: Contents Introduction IHT400 Notes
Page 5 and 6: IHT400 Notes Guide to completing yo
Page 7 and 8: A This guide will help you fill in
Page 9 and 10: A Legitim IHT400 Notes Under Scotti
Page 11 and 12: IHT400 Notes Delivering a reduced a
Page 13 and 14: Changes to the administration of an
Page 15 and 16: IHT400 Notes What values to include
Page 17 and 18: If the deceased was domiciled in Sc
Page 19 and 20: IHT400 Notes 31 32 36 Guide to comp
Page 25 and 26: Value of gifts Who pays the Inherit
Page 27 and 28: IHT400 Notes Gifts with reservation
Page 29 and 30: IHT400 Notes Gifts made as part of
Page 31 and 32: IHT400 Notes The other joint owner
Page 33 and 34: Registered or non-registered pensio
Page 35 and 36: IHT400 Notes Contributions to a pen
Page 37: IHT400 Notes Dividends and interest
Page 41 and 42: Rate of relief table IHT400 Notes G
Page 43 and 44: When is Agricultural Relief availab
Page 45 and 46: Agricultural Relief and lifetime tr
Page 47 and 48: IHT400 Notes What items qualify for
Page 49 and 50: Assets on which tax may or may not
Page 51 and 52: IHT400 Notes 55 56 57 62 Guide to c
Page 55 and 56: Deductions from the estate incurred
Page 57 and 58: Exemptions and reliefs, page 10 IHT
Page 59 and 60: IHT400 Notes Paying Inheritance Tax
Page 61 and 62: Declaration, page 12 IHT400 Notes 1
Page 63 and 64: IHT400 Notes The Inheritance Tax on
Page 65 and 66: IHT400 Notes Applying for a grant i
Page 67 and 68: IHT400 Notes Applying for a grant i
Page 69 and 70: Payment in advance Electronic trans
Page 71 and 72: What value to use Estimating a valu
Page 73 and 74: Stock Exchange markings National Sa
Page 77 and 78: Lloyd's Underwriters Valuing money
Page 79 and 80: Qualifying charities Gifts for nati
Page 83 and 84: IHT400 feedback form 1 How much of
Page 85 and 86: IHT400 Notes DX addresses have been

IHT400 Notes : Guide to completing your Inheritance Tax account

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