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HMRC internal manual

Inheritance Tax Manual

Qualifying investments: non-qualifying investments

Unquoted shares and shares traded on the Alternative Investment Market (AIM) do not qualify for relief. This includes Business Expansion Scheme (BES) shares.

To qualify for relief an investment must be quoted at the date of death, IHTA84/S178 (1). This means that no relief is due where, for example, the company was not floated until after the death. But if an investment was only suspended at the date of death relief may be due (IHTM34134).

If at any stage the taxpayer or agent argues that an AIM investment is quoted you should refer the matter to Technical (IHTM01081).