Form

How to fill in schedule D32

Updated 12 August 2024

When to use this form 

You must fill in this form if the trustee or transferor owned any stocks and shares at the time of the chargeable event.   

You should include shares on markets that HMRC does not recognise as ‘listed’.  

How to work out the value of stocks and shares  

There are a few different ways you can value stocks and shares.  

You can use the closing value of the shares on the day of the chargeable event.  

If the price is given as a range, for example 1,091p to 1,101p, you need to work out the ‘quarter-up’ price.  

You can also find the value by working out the halfway point between the highest and lowest bargains recorded for the day (excluding bargains at special prices).  

If you have a professional valuation you must attach a copy with this form.  

Find out more about valuing stocks and shares for Inheritance Tax.   

Check if you need to include interest or dividends  

If you’re telling us about a lifetime transfer of shares, only include interest or dividends if they’re part of the transfer.  

If you’re telling us about a principal charge (form IHT100d) or proportionate charge (from IHT100c) only include them if they’re both: 

• relevant property 

• part of the transfer 

Working out the value of the dividend 

There are 2 ways you can work out the value of the dividend.  

You can multiply the number of shares by the dividend per share. 

For example, you hold 1,250 shares and the dividend per share is 2.3p. The total value of the dividend is: 

1,250 × 2.3p = £28.75 

If the dividend is given as a percentage, you should work out the percentage of the ‘nominal value’ (also known as the face value) of the stock.  

For example, the dividend is 2.6% and you own £400 of loan stock. The total value of the dividend is: 

£400 × 2.6% = £10.40 

Unit trusts, investment trusts and open-ended investment companies 

Newspapers may show 2 prices for these. You should take the lower of the 2 prices. If there was no price published on the day of the transfer, you should take the last price published before it.  

Newspapers do not show the value of dividends on unit trusts. If you need this you should ask the fund managers for the value.  

If the company has been through a reorganisation 

The units on the share certificates, for example £1 ordinary shares, may be different from the unit quoted at the date of the event.  

You should contact the company’s registrar to find out how many shares of the new unit the transferor owned.  

Many companies will be listed more than once because they offer a large variety of investments. You must write out the full name of the unit trust.  

If the transfer included shares in an Individual Savings Account (ISA)  

You should value these shares in the same way as other shares. Include them in box one or box 2 of the form.  

You must include a figure for any uninvested cash in the ISA. Do not include any other cash or insurances policies held in the ISA. These should be entered in boxes 8 and 11 of the assets section on the IHT100 series form. 

You should only include foreign shares if they’re listed on the London Stock Exchange. If the shares are listed on a foreign stock exchange you should include them on schedule D39 instead.  

Stock Exchange markings   

The Stock Exchange Daily Official List includes several markings that can affect the value of the stocks and shares.  

These markings can:  

• increase the value of the shares — include this adjustment in box 5 of the assets section on the IHT100 series form

• decrease the value of the shares — deduct this adjustment from the value of the shares 

• show that the transferor was entitled to some new shares at the date of transfer  

Check the full list of the markings and what they mean when valuing stocks and shares for Inheritance Tax.

What happens next

You should use the figures in this schedule to help you fill in IHT100 series form.

You must send this form alongside the completed IHT100 series form. Make sure you include copies of any documents we’ve asked for.

Get help 

You should contact the Inheritance Tax helpline if you need help completing this form.