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HMRC internal manual

Inheritance Tax Manual

Sales: unsaleable investments

You will see cases where a claim for relief is made on the basis that the investment cannot be sold because it is worthless.  In general, no relief is due because there is no sale.  But special rules apply for deaths after 16 March 1992 where qualifying investments (IHTM34131) have

Although a claim for relief cannot normally be made on unsaleable investments you may need to reconsider the date of death valuation. If the information provided suggests that the value at the date of death was incorrect you can ask the Shares and Assets Valuation to consider this.