Probate shares valuation · UK

Probate Share Valuation

Probate valuations for quoted and unquoted shareholdings, assessed at the date of death for forms IHT411 and IHT412.

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Typical market fee

£75–£300 per portfolio

Valuation basis

Open Market Value

Documentation

Evidence-based report

The essentials

What Is a Probate Shares Valuation?

Shares and investments must be valued at Open Market Value on the date of death, like every other estate asset — but uniquely, HMRC prescribes the exact method. Quoted shares are valued under the "quarter-up" rule: take the lower of the two closing prices quoted for the day, and add one quarter of the difference between the lower and higher prices. The result, multiplied across the holding, is the figure HMRC expects on the IHT411 schedule.

Even a quoted portfolio can involve non-trading days, funds, accrued income and different types of account. Use the current IHT411 instructions for the date and holding. Assets inside an ISA still form part of the estate, while any exemption or relief depends on the estate and current tax rules.

Unquoted and private company shares are a different discipline altogether. There is no listed price, so the valuation is built from the company's accounts, dividend history, asset base and the rights attached to the holding, and it may be reviewed by HMRC's Shares and Assets Valuation team. Specialist professional input is strongly advisable where material judgement or a minority discount is involved.

For an overview of when professional input may help and the current HMRC guidance across estate assets, see our complete guide to probate valuations.

Executor protection

Why a Professional Shares Valuation Matters

Quoted share prices are public, so the pricing date and prescribed method should be documented carefully. Unquoted shares require more judgement and may be reviewed by HMRC's Shares and Assets Valuation team.

Business Relief rules changed for deaths and transfers from 6 April 2026, and the available rate depends on the property, ownership period and current statutory conditions. Obtain specialist tax advice rather than assuming that an AIM or private-company holding qualifies.

For private-company shares, a reasoned valuation should explain the company information, valuation method and any discount applied. A professional report can support negotiations with HMRC but does not determine the tax relief available.

Specialist scope

What Gets Valued

Quoted shares on the London Stock Exchange
AIM-listed shares (including Business Relief review)
Unit trusts and OEICs
Investment ISAs
Unquoted and private company shares
Employee share schemes
Gilts and corporate bonds

Official guidance

HMRC Rules for Shares Valuations

Quoted shares are generally reported on schedule IHT411 using HMRC's prescribed date-of-death pricing method, with the relevant treatment for unit trusts, accrued income and non-trading days. Use the current IHT411 notes for the particular holding and date rather than relying only on a general summary.

Unquoted shares are reported on schedule IHT412 and may need a reasoned valuation drawing on the company's accounts, earnings, assets and the rights and size of the holding. HMRC's Shares and Assets Valuation team may review the figure. Business Relief is a separate tax claim that should be checked under the current rules.

From inspection to report

The Shares Valuation Process

For quoted holdings, a provider may reconcile broker statements, certificates and registrar records, then apply the current HMRC pricing instructions for the date of death and relevant accrued income.

For unquoted holdings, a specialist may review the company's accounts, articles and shareholder agreements, select a valuation method and explain any discount reflecting the rights, size and marketability of the holding. A tax adviser should assess any Business Relief claim separately.

A completed report should list the included holdings, pricing evidence, assumptions and methodology so the personal representative or adviser can use it with the relevant IHT schedules. Confirm separately whether the provider will assist if HMRC asks questions.

Typical market fee

£75–£300 per portfolio

Indicative UK market rates. Valuers set their own fees and will quote for your items.

How Much Does a Shares Valuation Cost?

Fees vary with the item, location, inspection method, research and report scope. Ask for a written quote showing VAT, travel and any follow-up work, and expect a reduced per-item rate where several pieces are assessed in one appointment.

The estate bears the cost, not the executor personally — a properly incurred valuation fee is ordinarily paid from estate funds. Note that HMRC does not allow estate administration fees, including valuation fees, to be deducted when calculating Inheritance Tax. What does affect the tax figure is using Open Market Value rather than a higher insurance figure.

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Frequently Asked Questions

01What is the quarter-up rule for valuing shares for probate?

HMRC values quoted shares using the closing prices on the date of death: take the lower of the two quoted prices and add one quarter of the difference between the lower and higher price. For example, if a share closed quoted at 400p–420p, the probate value is 405p. If death falls on a weekend or bank holiday, the executor may use the prices from either the previous or next trading day, whichever produces the lower value.

02Are shares held in an ISA subject to Inheritance Tax?

Yes. ISAs shelter income tax and capital gains tax during the holder's lifetime, but the wrapper provides no protection from Inheritance Tax. Shares, funds and cash held in ISAs form part of the estate at their full market value on the date of death and must be declared alongside other investments.

03How are private company shares valued for probate?

Unquoted shares have no listed price, so the valuation is built from the company's accounts, earnings, assets, dividend history and the rights and size of the holding. Any minority discount is fact-specific. HMRC's Shares and Assets Valuation team may review the figure, so specialist advice is strongly advisable. Business Relief may apply where the statutory conditions are met.

Related Valuations

Probate Estate Valuation

Typically £350–£1,600 per estate

Probate Property Valuation

Typically £150–£500 per property

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