IHTM34151 - Sales: the basic condition
The relief only applies to sales of ‘qualifying
investments’ (
IHTM34131) within the 12 months
immediately following the date of death, IHTA84/S179 (1).
A sale is an essential element of the relief and all sales
within 12 months of death must be taken into account. But in
addition to straightforward sales of shareholdings, the exercise of
an option to sell qualifying investments is also treated as a sale
for this purpose as are, subject to certain conditions applying
Special rules also apply to unsaleable investments (
IHTM34155).
If the sale of qualifying investments does not take place on
the open market you should refer the claim to TG (
IHTM01081) for advice.
The redemption of stocks or bonds is not regarded as a
sale.
