Investigating the assets on page 7: Stocks and shares (boxes 62 to 67)
There are many different types of stocks and shares. For the purposes of completing the IHT 400 the investments are divided into different categories
- UK Government securities and municipal securities (box 62) (IHTM18094)
- Listed stocks, shares and investments that did not give the deceased control of the company (box 63) (IHTM18061)
- Unlisted and traded unlisted shares, except control holdings (boxes 65 and 66) (IHTM18131)]
- Control holdings of unlisted, traded unlisted and listed shares (box 67) (IHTM18331)
The total value of the shares falling into each of these categories is included in the IHT400. The value of the individual shares that make up these totals should be included on one of the following
- Form IHT411.
- Form IHT412
- a professional valuation (if one is available), or
(in Scottish estates only) the Inventory form, C1 . any business property owned by the deceased. This will include property from which the deceased ran a business either alone or in partnership and business property that the deceased either let or was available for letting at the date of death.
Any property or assets used in a farming business.
The value of the deceased’s interest in a farming business
The deceased’s interest in any woodland or timber
Further information about how to value and investigate shareholdings can be found in section 18 (IHTM18000).
Traded unlisted shares
There are detailed rules (IHTM30211) for determining when traded unlisted shares qualify for the instalment option. Box 66 on the IHT 400 should include the value of all unlisted shares that qualify for the instalment option and which are traded on certain specified exchanges (IHTM18334).
There are detailed rules (IHTM30211) for determining when unlisted shares qualify for the tax payable on them to be paid by instalments. Box 67 of the IHT400 should include the value of all stocks and shares that are not listed on the Stock Exchange and which qualify for the instalment option. A person controls a company for inheritance tax if they control the majority (more than 50%) of the voting powers on all questions affecting the company as a whole.
Full details of the shares included in this box will be found on form IHT412.