Stocks and shares: listed stocks, shares and investments: introduction
When a company has a full listing on the London Stock Exchange, its stocks and shares are said to be listed. This is usually known as the Main Market.
- The shares and investments are regularly bought and sold on the exchange, by both private investors and large institutions, such as pension companies.
- The shares are easily marketable, being open to all, and have a readily ascertainable price.
- The highest and lowest prices of the day are published the following working day, notably in the Financial Times.
Fuller details of the Stock Exchange can be found at section STSM123060 of the Stamp Taxes on Shares Manual.
Shares listed on a recognised foreign exchange (IHTM34140) can also be said to be listed.
Where a company does not have a full listing on the Stock Exchange, its stocks and shares may be traded on other markets, such as the Alternative Investment Market (AIM). Investments of this type are dealt with separately in the investments on alternative markets (IHTM18331) section and should be included on form IHT412.
The instructions relating to listed stocks and shares in this chapter relate to both death and non-death valuations.