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.
