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).