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HMRC internal manual

Inheritance Tax Manual

Calculating the loss: foreign shares or investments

When foreign shares or investments are sold following the death, the loss on sale is calculated by reference to the sterling values of the shares. The value at the date of death is converted into sterling using the exchange rate at the date of death. The sale price is converted in sterling using the exchange rate at the date of sale. The loss is calculated as the difference between the two sterling values.