A ‘call’ is a payment that a shareholder has to
pay to a company. It is sometimes also referred to as an
instalment. If any call was paid on any of the sold
‘qualifying investments’ (
IHTM34131), question 3(c) on page 4 of
form IHT 35 should be ticked ‘Yes’. Details of any call
paid should be included with the IHT 35.
The value of the call has to be added to column A of the IHT
35. You can check in Extel to see if the right amount has been
included. If not, you will need to amend the IHT 35 and recalculate
the loss. If no call was included on the IHT 35 and you have to add
it, it should be marked ‘for IHT 35 purposes only’.
There is an example that shows how the date of death value
and the loss are calculated at if there is call at (
IHTM34175).
There are special rules that prevent the loss on the sale
exceeding the value of the original holding at the date of death.
This situation may arise when the ‘appropriate person’
(
IHTM34161) makes a payment of call. You
will therefore need to check that the loss on sale when call is
included does not exceed the original value of the holding. If it
does you should refer to the instructions (
IHTM34106) that deal with limitations
on loss on sale of shares relief to see what adjustments you will
need to make.
