Commentary

I8.301 Quoted shares and securities

IHT, trusts and estates

I8.301 Quoted shares and securities

Division I8.3     Valuation of particular types of property

For updates affecting this Division please see Part I0 Updates

Quoted securities

I8.301 Quoted shares and securities

The term 'quoted securities' includes any stock, share, security etc 'listed' on the Stock Exchange or any other recognised stock exchange1.

'Recognised stock exchange' is not defined for IHT purposes2 but the Board accepts as a recognised stock exchange any exchange which:

  1.  

    (a)     is recognised as a stock exchange by the law of the country in which it is situated, and

  2.  

    (b)     provides a trading floor broadly comparable to that afforded by the Stock Exchange.

Shares dealt in on the Unlisted Securities Market used to be regarded by HMRC as unquoted. However, for transfers after 16 March 1987 and before 10 March 1992 they were treated for all purposes as quoted shares3. For transfers after 9 March 1992 they were again treated as unquoted for business relief4 and instalment payment purposes5, but the shares had a listing on the Stock Exchange Daily Official List (SEDOL)6 and were usually valued in the same way

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