Commentary

I11.513 Unquoted shares or securities not giving control

IHT, trusts and estates

I11.513 Unquoted shares or securities not giving control

I11.513 Unquoted shares or securities not giving control

Shares or securities are 'unquoted' if they are not listed on a recognised stock exchange. USM shares are treated as unquoted in relation to transfers of value and other events after 9 March 19921. Alternative Investment Market (AIM) shares are also treated as unquoted2 but shares quoted on the National Association of Securities Dealers Automated Quotations (NASDAQ) Stock Market are quoted for IHT purposes3.

Qualifying conditions

The instalment option is available in relation to unquoted shares or securities of a company not controlled by the deceased immediately before his death if:

  1.  

    •     the IHT is due as a result of a chargeable transfer made on death; and the tax attributable to those shares or securities, together with the tax on any other property qualifying for the instalment option, amounts to 20% of the

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