IHTM34000 - Loss on sale of shares: contents

 

Summary
Background
PC&S/Compliance Group procedures
FACET procedures
Qualifying investments
Sales
Appropriate person
Calculating the loss
Changes in shareholdings
Restrictions on relief
Attribution of values to specific investments

Summary

IHTM34001Summary

Background

IHTM34010Background
IHTM34011Basic Conditions

PC&S/Compliance Group procedures

IHTM34020Introduction
IHTM34021Key stages in dealing with a claim for relief (chart)
IHTM34030Receiving a claim for relief (chart)
IHTM34031Who is responsible for dealing with the claim?
IHTM34032Is the claim for relief in the approved format?
IHTM34033Has form IHT 35 been completed correctly?
IHTM34040Checking the claim for relief (chart)
IHTM34041Are the shareholdings appropriate for including in the claim? (chart)
IHTM34042Initial check of the value of shares included in the claim (chart)
IHTM34043Checking form IHT 35
IHTM34050Are additional valuation checks required? (chart)
IHTM34051Mandatory referrals to FACET
IHTM34052Other referral to FACET
IHTM34053Summary of checks made in FACET
IHTM34060Agreeing the claim for relief (chart)
IHTM34061Raising enquiries on loss of sale of shares claim
IHTM34062Sale price unacceptable
IHTM34070Finalising the relief (chart)
IHTM34071What to do once the relief is agreed
IHTM34072Provisional relief
IHTM34073Finalising the relief
IHTM34074Notifying tax offices of revised values
IHTM34080Claiming relief for underwriting interests
IHTM34081Dealing with claims for relief on underwriting deposits

FACET procedures

IHTM34090Introduction
IHTM34091Why are forms IHT 35 sent to FACET?
IHTM34092Summary of checks made in FACET (chart)
IHTM34093Is the form IHT 35 appropriate for FACET to consider?
IHTM34094What checks should you make if a substantial loss has been claimed?
IHTM34095What you should do if one or more of the questions at 2 or 3 are answered 'Yes'
IHTM34096Non-mandatory referrals from caseworkers
IHTM34097Suspended or cancelled shares
IHTM34098Purchase of shares
IHTM34099Exchanges
IHTM34100Capital payments
IHTM34101Call
IHTM34102Changes in shareholdings
IHTM34103Bonus issues
IHTM34104Rights issues
IHTM34105Options
IHTM34106Limitations on loss on sale of shares relief

Qualifying investments

IHTM34131What are qualifying investments?
IHTM34132Non-qualifying investments
IHTM34133Unlisted Securities Market (USM) shares
IHTM34134Shares temporarily suspended at date of death
IHTM34135Share option schemes
IHTM34136Underwriting deposits
IHTM34137Unadministered estates
IHTM34138Reversionary interests
IHTM34139Shares held by a partnership
IHTM34140Foreign stock exchanges
IHTM34141Open ended investment companies (OEIC)

Sales

IHTM34151The basic condition
IHTM34152Date of sale
IHTM34153Appropriations
IHTM34154Exchanges
IHTM34155Unsaleable investments
IHTM34156Suspension of shares
IHTM34157Cancellation of shares

Appropriate person

IHTM34161Basic condition
IHTM34162Separate claims by legal personal representatives and trustees
IHTM34163Death of legal personal representative or trustee
IHTM34164Personal Equity Plans (PEPs) and Individual Savings Accounts (ISAs)

Calculating the loss

IHTM34171What is an 'overall loss'?
IHTM34172How is the loss calculated?
IHTM34173Value on death
IHTM34174Interest on Government securities
IHTM34175Call
IHTM34176Sale value
IHTM34177Capital payments

Changes in shareholdings

IHTM34181Changes in the capitalisation of a company
IHTM34182Date of death value for the whole of the new holding
IHTM34183Date of death value for investments sold
IHTM34184Investments forming part of a new holding
IHTM34185Bonus issues
IHTM34186Renounced bonus issues
IHTM34187Rights issue
IHTM34188Rights sold
IHTM34189Rights taken up and sold
IHTM34190Rights not taken up or sold
IHTM34191Rights disposed of without consideration
IHTM34192Part of rights sold, balance taken up as shares
IHTM34193Acquisitions prior to sale

Restrictions on relief

IHTM34211Introduction
IHTM34212The restriction
IHTM34213Purchases by the 'appropriate' person
IHTM34214Purchases of 'qualifying investments'
IHTM34215Prior purchase of similar shares
IHTM34220Part of holding only in the deceased's estate
IHTM34230Loss on sale is greater than the original date of death value

Attribution of values to specific investments

IHTM34241Summary
IHTM34242Payment of 'call'
IHTM34243Changes in the capitalisation of a company
IHTM34244Purchases of qualifying investments
IHTM34245Example of how values are revised under S.187(3)