applies as for VAL 70 (Lifetime). See this chapter
SVM108030.
Section 2 will show any shares which are known to
be part of the estate but which are
not taxable on the death. These shares should be
taken into account in determining the size of the holding to be
valued, even though part of that holding (the part in Section 2) is
exempt. Section 2 will also include shares in which the deceased
had an interest in possession in settled property which was subject
to Estate Duty on the death of his/her spouse (paragraph 2,
Schedule 6 Inheritance Taxes Act) or civil partner. Even though
such shares are not taxable themselves, they will be taken into
account in valuing the shares which are taxable on the death.
Section 3 will show details of any holdings of
shares or securities in the company which the IHT caseworker knows
to have been held by the spouse/civil partner. If no shares are
shown but the deceased is shown as having a spouse/civil partner,
you should investigate whether the spouse/civil partner had shares
or securities in the company. Any shares or securities owned by the
spouse/civil partner have to be taken into account as related
property in determining the size of the holding to be valued -
s.161 IHTA - though, as with exempt shares, the spouse's/civil
partner’s shares are not themselves subject to tax on the
death.
Section 4 applies as for the Val 70 (Lifetime).
Section 5 gives information relevant to BR claims
(if known). I.e. whether
show sums due to or from the company. 'Nature of debt' means
'loan account', 'unpaid dividend' etc.
Section 8 shows if this valuation is the only
outstanding matter on file.
Section 9 shows the aggregate chargeable transfers
(i.e. the
taxable value of the death estate plus the
taxable value of lifetime transfers made within 7
years of the death). This section also shows the chargeable
threshold at the date of death i.e. whether the case is taxpaying
on present figures. If 100% BR has been claimed for the shares, the
amount reflected for them in the 'Aggregate Chargeable Transfers'
figure will, of course, be nil.
Section 10 shows if a valuation or any other
relevant documentation has been supplied by the parties.
Section 11 gives other SAV references if this case
is a ‘multi case’ where the deceased held shares in
more than one unquoted company.
Section 12 shows any other relevant information
disclosed in the IHT Account.
| Additional Guidance: SVM150000 |
