Foreign property: locality of assets (situs): bearer securities
A bearer security is one where the ownership passes by delivery of the document of title. An example would be a security or bond which is not listed on a register. A bearer security is situated, for Inheritance Tax purposes, in the place where the document of title is found at the material time. Special rules apply to securities listed on a register (IHTM27121)
Att Gen v Bouwens  4 M & W 171, Winans v Att Gen  AC 27. This does not apply to certain qualifying international securities (IHTM27141).