IHTM18111 - Listed stocks, shares and investments: large or control holdings

Large holdings

• Where the value stated for any individual holding of listed shares exceeds £10M, do not accept the value without referral to Shares and Asset ValuationShares and Assets Valuation (SAV) Unless it is clear that PC&S have already referred the valuation to SAVSAV, you must make the referral, endorsed “Large Holding”.
• SAVSAV will check on the percentage size of the holding and consider whether (exceptionally) a premium over the listed price should be sought.
• There are separate limits for large holdings in companies listed on alternative markets (IHTM18335).
• If a reduction in value is claimed on account of the size of the entire holding or any other challenge is made to the “holdings of marketable size/lots” (IHTM18091) basis of valuation, refer the matter to SAVSAV (Information Support).

Control holdings

• If the holding is of a controlling shareholding in a listed company, it is likely that business relief (IHTM25172) will be claimed under IHTA84/S105 (1) (b) ). Instalments (IHTM30191) may also be claimed with interest relief (IHTM30363) (IHTA84/S234 (1)(a)). Refer such claims to SAVSAV (Information Support).