IHTM25192 - Other holdings of unquoted shares: Meaning of unquoted for business relief purposes
IHTM25192 - Other holdings of unquoted
shares: Meaning of unquoted for business relief purposes
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The meaning of unquoted for the purposes of IHTA84/S105 (1) has varied, as shown in the following table.
|
| Period |
Meaning |
| IHTA84/S105 (1)(c) | Up to and including 16 March 1987 | Not quoted on a recognised stock exchange. (see footnote 1) During this period shares dealt in on the Unlisted Securities Market (USM) were unquoted. |
| IHTA84/S272 | 17 March 1987 to 9 March 1992 inclusive | The definition in
IHTA84/S272 applied so that during this period unquoted meant
Transitional relief may be available where tax is payable on a death during this period on USM shares in respect of a lifetime transfer before 17 March 1987 Shares traded on NASDAQ (see footnote 2) were unquoted up to 9 March 1992. |
| IIHTA84/S105 (1ZA) | 10 March 1992 to 31 March 1996 inclusive 1 April 1996 onwards | For the purposes of
IHTA84/S105 (1) unquoted means not quoted on a recognised stock
exchange (see footnote 1). The definition of unquoted in
IHTA84/S272 does not apply for business relief purposes.
Shares dealt in on the USM are unquoted. Shares dealt in on the Alternative Investment Market are unquoted. Unquoted means not listed on a recognised stock exchange |
Footnote 1 - recognised stock exchange
If, exceptionally, it is not clear whether a particular holding of shares is quoted on a recognised stock exchange, you may ask Shares and Assets Valuation (SAV) to advise.
Footnote 2 - NASDAQ
The NASDAQ Stock Market is a computerised securities market based in the USA, and is one of the largest securities markets in the world. The Market comprises a top tier called the National Market System and a ‘regular’' tier referred to as the National List (or non-NMS). (NASDAQ stands for the National Association of Securities Dealers Automated Quotations.)
The Board granted both tiers of the NASDAQ Stock Market recognised stock exchange status with effect from 10 March 1992. Accordingly shares and securities traded on that market then became quoted for IHT purposes. But note that with effect from 28 November 2001 shares admitted to EU junior markets and to NASDAQ Europe are regarded as unquoted.
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