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HMRC internal manual

Inheritance Tax Manual

Stocks and shares: BES/EIS/VCT/EZ/Property Enterprise Trust: Income Tax position

The investments may result in IT relief on up to £40,000 in each tax year at the deceased/transferor’s top rate of tax. You should be alert to the possibility that the relief may not have been assessed in the deceased’s lifetime and may need to be reflected in an adjustment to the IT position at the date of death. The deceased’s death does not affect the relief in any way.