IHTM34157 - Sales: cancellation of shares

For deaths on or after 16 March 1992, relief is available if

• ‘qualifying investments’ ( IHTM34131) are held at the date of death
• they are cancelled without replacement within 12 months of the death, and
• the shares were still held by the ‘appropriate person’ ( IHTM34161) immediately before the cancellation.

If all the above conditions apply the investments are treated as having been sold immediately before cancellation for £1, IHTA84/S186A.