The sale of shares must be by the ‘appropriate
person’. The appropriate person must also claim the relief.
The appropriate person is the person who is liable for the
tax that is payable on the ‘qualifying investments’ (
IHTM34131). This means that for the
free estate the appropriate person will normally be the legal
personal representatives and for settled property it will be the
trustees, IHTA84/S178 (1). An example of an appropriate person who
is not a personal representative or a trustee is a specific legatee
who is bearing the tax.
Beneficiaries cannot make claims once the shares have been
transferred into their names unless they are actually paying the
tax, IHTA84/S179 (3).
