Unquoted shares (but not securities) that do not represent a control holding ( IHTM30217) of a company qualify for instalments if both the following conditions are satisfied:
"Ordinary Shares" are defined as shares which may carry either
The £20,000 value in the first condition refers to the value transferred by the chargeable transfer, not to the value of the shares. Accordingly the £20,000 test has to be applied to the value transferred so far as attributable to the shares after taking into account any appropriate exemptions and reliefs (but including, on chargeable transfer made on death, any addition for grossing up ( IHTM26121)).
SAV will advise whether a holding of shares satisfies the 10% test for instalment relief under IHTA84/S228 (1)(d) and (3).