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HMRC internal manual

Inheritance Tax Manual

Stocks and shares: investments on alternative markets: the alternative markets

The Stock Exchange has strict regulations which a company must satisfy before it is allowed entry, and during its membership of the exchange. Where a company may be relatively small or new, it will not warrant entry to the full exchange, but may wish to open its shares to public investors to raise capital. The alternative markets fulfil this role and provide a forum for shares to be traded after the initial issue. They are regulated, but less so than the full exchange.

The main current alternative markets you might come across are

  • AIM, the Alternative Investment Market.
  • OFEX, an unregulated trading facility for dealing in unlisted shares.
  • NASDAQ, the National Association of Securities Dealers Automated Quotations. Based in USA.
  • NASDAQ Europe/EASDAQ, the European Association of Securities Dealers Automated Quotations. Based in Belgium.

You will find values for shares traded on these markets listed on the SEDOL (IHTM18092).

Older markets which have since ceased are

  • USM, the Unlisted Securities Market. Ceased December 1996, and
  • Transactions under Stock Exchange Rule 535 or 4.2. Ceased September 1995.