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HMRC internal manual

Shares and Assets Valuation Manual

Introduction: Quoted Shares

Whilst Shares and Assets Valuation (SAV) mainly deals with the valuation of shares that do not have a listing on a recognised stock exchange, there are occasions when we have to consider the value of quoted shares.

Inheritance Tax risk assessors may ask SAV to consider issues such as:

  • CGT cases where it is considered that there are ‘special circumstances’ in consequence of which the prices quoted are not a proper measure of the market value (Section 272(3) TCGA 1992.
  • Claims that by reason of its size a holding should have a special reduction in price. (Such reductions are precluded by the IHT and CGT legislation.)
  • All cases where any individual holding of shares with a full listing is valued at over £10,000,000 and / or a holding of shares listed on a junior market exceeds £100,000 in value.
  • Suspended quotations.
  • Cancelled quotations, unless and until it is clear that the company is now an NQ and the former quotation is irrelevant for valuation purposes.
  • Claims that shares, following suspension or cancellation of a quotation, have become of negligible value for CGT.

SAV’s procedures for dealing with valuation issues relating to quoted securities for CGT purposes are explained in Chapter 107 of this Manual - CGT Procedures. SVM107000.


  Additional Guidance: SVM150000