IHTM18332 - Investments on alternative markets: what action you take

If you are advised of the investments on form IHT412, refer to the separate IHT412 instructions (IHTM18011).

If you are otherwise informed of the investments,

• refer to PC&S, by form 516 (IHTM18080) where appropriate.

PC&S will check the value on SEDOL (IHTM18092) as for listed investments

• they will advise you of any agreed values
• they will advise you of any amendments, or
• if (rarely) PC&S cannot find a value, they will flag the investment “Val70”.

PC&S will also check their lists for USM, AIM and OFEX companies which qualify for business relief and will advise you either

• “100% BR” (the company is on the list), or
• “Qy BR” (the company is not on the list).

What you do next

Firstly, you will need to consider the instructions for considering business relief (IHTM18333).

• If 100% relief can be accepted, there will be no need to consider the value further.

Separate rules apply for USM shares (IHTM18339). (NASDAQ (IHTM18340) and EASDAQ (IHTM18341) shares do not qualify for business relief after 10 March 92.)

If business relief is not available,

• notify the taxpayer of any amendments if the amounts involved are worthwhile (IHTM18042), or
• refer any “Val70” annotated shares to Shares and Assets Valuation (IHTM18141) on form Val70 (IHTM18151), indicating clearly the exchange on which the shares were traded.

Do not accept any values for large holdings (IHTM18335) (over £100,000 in value) without first referring to SAV.