IHTM18302 - Stocks and shares: BES/EIS/VCT/EZ/Property Enterprise Trust: identifying investments in the schemes

It will usually say in any valuation included with the form IHT400 (IHTM10021) that an investment in one of these schemes is an asset of the estate. The following pointers may also help you to identify investments in these schemes

• the description of the fund or scheme suggests that it is one of a succession of funds, such as ‘Alpha’ Fund or ‘Second’ Basildon Fund or ‘Fifth’ Fund Lazard Development Capital;
• the words ‘Venture’, ‘Enterprise Investment’ or ‘Business Start-Up’ or ‘Business Expansion’ appear in the fund or scheme’s name:
• there are a number of smallish holdings in unlisted companies declared in the estate (between 5 and 20 is normal).

If the investment is a Venture Capital Trust (VCT) you can find its value in the normal way from the London Stock Exchange, or other, listings (IHTM18092). As VCTs are listed they do not qualify for business relief (IHTM25131).

If the investment is in a Business Expansion Scheme (BES), Enterprise Investment Scheme (EIS), Enterprise Zone (EZ) or Property Enterprise Trust refer the valuation to Shares and Assets Valuation if the tax involved is substantial or if business relief has been claimed.