IHTM18011 - Stocks and shares: investigating forms IHT411 and IHT412: introduction to the forms

Forms IHT411 and IHT412 are supplementary schedules to the IHT400 (IHTM10021). On the forms, the taxpayer should list details of all the stocks, shares and investments that the deceased beneficially (IHTM04441) owned at the date of death, together with their open market (IHTM09703) valuations.

Often the taxpayer will submit a stockbroker’s valuation report and attach it to the forms. If they do, they should show a total value on the forms but they do not have to repeat the details of individual holdings.

IHT411 (Listed stocks and shares) gives details of shares that are listed on a recognised exchange, and the market meets the definition of ‘listed’ for HMRC purposes, except where the deceased had a control holding.

IHT412 (Unlisted stocks and shares, and control holdings) gives details of shares that are

• listed on a recognised stock exchange, provided the deceased had a control holding,
• listed on a market that does not meet the definition of ‘listed’ for HMRC purposes,
• not listed on any stock exchange.

You can find information on the markets that are defined as ‘listed’ or ‘not listed’ for HMRC purposes here.

Business Relief

The IHT412 will provide details of any business relief (IHTM25131) claimed. The taxpayer is also required to state whether the shares have been owned for the required two-year period up to the date of valuation.