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HMRC internal manual

Inheritance Tax Manual

Foreign property: valuation of assets: fall in value relief

Fall in value relief (IHTM14621) under IHTA84/S131 also applies to foreign shares. The procedure is the same as that for UK shares (IHTM14621), but the exchange rate at the date of the relevant valuation (IHTM14626) must be used when valuing the transfer at death or sale.

Shares and Assets Valuation (Foreign) will supply the exchange rate at the date of the relevant valuation when asked on form 516 (F) (IHTM18080).