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I recently read the following statement in another tax publication. 'For shares in a trading company, no inheritance tax will be due on death, so there will be no negotiation — no “ascertainment" — of the value of the trading company shares. As a result, the Revenue says the helpful valuation rule will not apply and the normal market value rules will prevail'.
I recently read the following statement in another tax publication. 'For shares in a trading company no inheritance tax will be due on death so there will be no negotiation — no “ascertainment" — of the value of the trading company shares. As a result the Revenue says the helpful valuation rule will not apply and the normal market value rules will prevail'.
This is a capital gains tax point. I had always understood that the beneficiaries' acquisition cost for shares acquired from an estate on death was the probate value. The notes refer to the Revenue's IHT Newsletter of April 2004 and looking at that on HMRC's website I do find that this states under the heading 'Business and Agricultural Relief' as follows.
'The valuation requirements for inheritance tax are contained in IHTA 1984 s 160 and the obligation in...
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