Shares passing to spouse by survivorship
Postby Brightonian » Fri May 24, 2019 9:59 am
I am hoping that someone can confirm my understanding. If a share portfolio passes to a spouse by survivorship, the spouse acquires each holding at their probate value. The shares are added to the spouse's pool and subsequent sales are taken from this pool, made up of the spouse's 50% at original cost and the deceased's 50% at probate value. Is that correct? I ask because I have looked at S.274 TCGA 1970, which states that, because it is exempt from IHT, the value has not been ascertained and must be negotiated on sale. Am I right in thinking that this is not a problem for quoted shares, where the market value is easily ascertainable? Thank you for any clarification you can give.