Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
, see all updates

Unlisted shares: Introduction

Where agricultural relief is deducted on the value of unlisted shares or securities SAV will consider whether the conditions for relief, including the period of ownership test, are satisfied. In the first instance you should complete form Val 70 and refer it to SAV in the normal way. You should make sure that all information relevant to the shareholding that was provided with the form IHT400 is given to SAV by giving the details on the Val 70 or by sending them copies of any valuations. The provisions of IHTA84/S122 govern agricultural relief for farming companies. They state that, where the transfer is of a holding of shares or securities in a farming company, agricultural relief will be available under IHTA84/S122 (1) if

  • the agricultural property (IHTM24030) forms part of the company’s assets and part of the value of the shares or securities can be attributed to the agricultural value (IHTM24150) of the agricultural property, and
  • the shares or securities gave the transferor control of the company immediately before the transfer.

The question of control is determined under IHTA84/S269. SAV will consider whether the conditions for relief, including the period of ownership test, are satisfied, decide whether relief is due and tell you the necessary values.