»Ê¹ÚÌåÓýapp

»Ê¹ÚÌåÓýapp claim for relief must be made within 4 years of the end of the 12 month period during which qualifying sales can be made, IHTA84/S179 (2A).  Four basic conditions must be met before the relief may be claimed.  »Ê¹ÚÌåÓýappse conditions are set out below

»Ê¹ÚÌåÓýapp shares sold must be ‘qualifying investmentsâ€�

»Ê¹ÚÌåÓýapp following are qualifying investments for the purposes of this relief:

• listed shares and securities (including those that are listed on a recognised foreign stock exchange (IHTM34140))
• unit trusts
• for deaths on or after 10 March 1992 shares listed on NASDAQ (National Association of Securities Dealers Automated Quotations)

»Ê¹ÚÌåÓýapp following are not qualifying investments

• unlisted shares, including shares on a market that does not meet the HMRC definition of ‘listedâ€� (for example, the Alternative Investment Market, AIM) (IHTM18131)
  

You can find out more about qualifying investments at (IHTM34131).

»Ê¹ÚÌåÓýapp sales must be within 12 months of death

»Ê¹ÚÌåÓýapp relief only applies to qualifying investments that are sold in the 12 months immediately following the date of death.

Special rules apply to investments that cannot be sold. You can find out more about this condition and what is or is not treated as a sale for the purposes of this relief at (IHTM34155)

»Ê¹ÚÌåÓýapp shares must be sold by the appropriate person

To qualify for relief the shares must be sold by the appropriate person.  »Ê¹ÚÌåÓýapp appropriate person is the person who is liable for the tax.  This will usually be the

• legal personal representatives (for investments in the free estate), or
• trustees (for investments in a settlement).

»Ê¹ÚÌåÓýapp appropriate person (or persons if there is more than one) must make the claim for the relief.

»Ê¹ÚÌåÓýappre must be an overall loss on the sales of the qualifying investments

Relief is only available if the gross sale proceeds of all shares sold by the appropriate person within 12 months of death is less than the date of death value for those shares.  In other words there must be an overall loss on all sales.  All sales of qualifying investments have to be included in the claim - not just those that have fallen in value.

Special rules apply if there are changes in shareholdings (IHTM34181) between the date of death and the date of sale.  »Ê¹ÚÌåÓýappre are also restrictions () on the relief if the appropriate person purchases shares.

You can find detailed instructions on how the loss is calculated at IHTM34171.