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HMRC internal manual

Inheritance Tax Manual

Calculating the loss: sale value

The general rule is that the sale value of any investment is

  • the price for which it is sold (or if greater the best consideration that could reasonably have been obtained for it at the time of the sale), IHTA84/S179 (1)(b),


  • the amount of any ‘capital payments’ (IHTM34177) received at any time after the death, IHTA84/S181.The sale price is the gross proceeds of sale. All expenses are ignored.

A dividend received from a holding quoted as ex-dividend (xd) at the date of death is not included in the sale value.

The value of Government securities marked ‘1k’ or ‘1k-xd’ at the date of sale should be calculated (IHTM34174) in the same way as for the date of death.