Readers' forum: Share portfolio

Our client Mr Brain died leaving an estate worth in excess of £1m and at death he owned an AIM share portfolio valued at £320 000. The holdings are all such that would qualify for business property relief as unquoted shares.

Although the portfolio as a whole has been held for a number of years far in excess of the two-year minimum holding period there are seven shareholdings that have been identified that were not held for two years before the date of death. However all identified holdings have been purchased following a prior sale of a similar holding in order to ensure the portfolio is reinvested as soon as possible. Cash is only held for very short periods before reinvestment in qualifying property.

While we are satisfied that the shareholdings held within the portfolio cover at least two out of the last five years...