In completing an IHT400, I come across the following. The deceased was in the process of receiving cash from the sale of an investment in an EIS company. The company had existed for over 5 years. The company was sold in order to return funds to the shareholders.
Repayment of the sale proceeds to shareholders was being made in tranches, the final one being unpaid at the time of death. The investor had intended, when all proceeds had been received, to reinvest them in another EIS vehicle believing that the new investment would be entitled to business relief from the outset. However he did not live long enough to do so and the partial proceeds remained as cash in the estate valuation.
Can anyone help as to whether the cash proceeds (partially in the estate and partially still awaited) can be entered in the IHT400 as a claim for Business Relief?
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