IHTM18021 - PC&S share checks: PC&S action

PC&S will have checked the IHT411 and IHT412 (IHTM18011) and any attachments, such as a stockbroker’s report, as part of their initial actions when the account is received in the Office (IHTM07001).

• Where values offered can be agreed, PC&S will endorse the investment with a tick.
• Any corrected values will be written directly onto the IHT411, IHT412 or schedule.
• Any dividends (IHTM18110) or interest will be advised and quantified where possible.
• Where further information is needed PC&S will make a comment on the IHT411, IHT412 or schedule for you to follow up.
• In Personal Applicant (PA) cases PC&S will check the arithmetic to ensure that the number of shares multiplied by the price equals the value of the holding, and that values at column totals are correct.

PC&S make all of the above actions in green ink. Where appropriate, they will mark the revised totals for each type of investment at the bottom of IHT411 AND IHT412 for you to decide the amounts involved and consider risk assessment.

The following sections will tell you more about the PC&S checks and what to look out for.

Edinburgh cases

PC&S in IHT:Edinburgh treat professional agent and PA cases the same (no further arithmetic checks).

They do not use green ink, but will flag-up corrections on separate Form 83.