IHT411 form: listed stocks and shares schedule

IHT411 is the HMRC schedule called “Inheritance Tax: listed stocks and shares (IHT411)”. Executors send it with form IHT400 to list the deceased’s listed shares, unit trusts, investment trusts, OEICs, ISA holdings and UK government and municipal securities, with their value at the date of death. Unlisted shares, AIM shares and controlling holdings go on IHT412 instead.

What is the IHT411 form?

IHT411 is a supplementary schedule to the full Inheritance Tax account, the IHT400. GOV.UK says to use it with the IHT400 to give details of any shares or stock the deceased owned. HMRC’s manual describes IHT411 and IHT412 as supplementary schedules that list the stocks, shares and investments owned at death with their open market values. How the schedules feed into the main account is covered in our guide to completing the IHT400.

The current form is dated 09/22. GOV.UK records two updates in late 2022: on 18 November 2022 it added a link about listed shares HMRC does not recognise, removed Personal Equity Plans from one section and widened the foreign shares wording to other UK exchanges, and on 23 December 2022 it removed some “£0.00” figures from the value columns.

Which shares go on IHT411 and which go on IHT412?

Box 38 on the IHT400 asks whether the deceased owned stocks and shares listed on a recognised stock exchange, or UK government or municipal securities. The IHT400 notes say shares in public limited companies will be listed. The IHT411 form tells you not to include:

• shares on markets that HMRC does not recognise as listed, such as the Alternative Investment Market
• shares in a private limited company, or held in a Business Expansion Scheme or business start up scheme
• listed shares where the deceased had control of the company

All of those go on IHT412, explained on our page about the IHT412 form. The form says a controlling holding in listed shares will be extremely rare. The IHT400 notes define control as holding more than 50% of the voting powers on questions affecting the company as a whole.

What does each part of IHT411 ask?

The form has two parts, both with five columns: a description, the amount held, the market price per unit at the date of death, the total value, and any interest or dividend due to the date of death.

Part	What it covers	Value total goes to	Interest or dividend total goes to
1	UK government and municipal securities, such as Treasury Stock, Exchequer Stock, War Loan, other stock on the Bank of England register, and stock issued by bodies such as cities and water boards	IHT400 box 62	IHT400 box 64
2	Listed stocks, shares and investments not giving control, including ISA shares, unit trusts, investment trusts, OEICs and foreign shares listed on the London Stock Exchange or other UK exchanges	IHT400 box 63	IHT400 box 64

For ISAs, the form says to include uninvested cash held in the ISA but not other cash or insurance policies. For unit trusts, it asks for the full name of the trust and the type of unit.

Can you use a stockbroker’s valuation instead?

Yes. The form says that if you have a stockbroker’s valuation, or a completed inventory form C1 in Scotland, you copy only the totals for each category of share onto IHT411 and enclose a copy of the valuation. HMRC’s manual confirms that where a stockbroker’s valuation report is attached, a total can be entered without repeating each holding. For a large portfolio this saves listing every line twice.

How are listed shares valued at the date of death?

The IHT400 notes say you value all assets as if each item had been sold on the date the deceased died. For listed shares, GOV.UK uses the “quarter up” method: take the lower of the two prices quoted for the day, then add one quarter of the difference between the two prices. Its example is a range of 1091p to 1101p, giving a quarter up price of 1093.5p; you then multiply that price by the number of shares held.

If shares were marked ex dividend (XD) at the date of death, GOV.UK says the dividend that is due remains payable to the deceased, and you include it. That figure goes in the dividend column and on to box 64. For unit trusts, GOV.UK says newspapers do not show dividends due, so you need the value from the fund manager. Our guide to valuing listed shares for probate goes through the method in more detail.

What if the shares fall in value after death?

IHT411 records the value at the date of death. If the executors later sell listed shares or authorised unit trust holdings at a loss within 12 months of the death, GOV.UK says they can claim relief on form IHT35, “Inheritance Tax: claim for relief, loss on sale of shares”. The claim has to list all qualifying investments sold in that period, not only those sold at a loss. IHT35 is a separate claim made after the event, so do not reduce the IHT411 figures in anticipation of a sale.

What are the deadlines and what happens next?

IHT411 goes with the IHT400, which GOV.UK says must be submitted within 12 months of the death. Inheritance Tax is due by the end of the sixth month after the person died; for a death in January, that is 31 July, and HMRC charges interest on late payment. See when Inheritance Tax is due, and for the share registration side after the grant, transmission of shares on death. If HMRC has questions about the share values, our page on HMRC checks on IHT accounts explains the process.

Points that are easy to miss include dividends declared but unpaid at the date of death, uninvested cash inside an ISA, and AIM shares placed on IHT411 when they belong on IHT412.

Illustration only. Graham died in October holding 2,000 shares in a FTSE 100 company, an ISA with three unit trusts and some uninvested cash, and a small holding of Treasury Stock. His stockbroker sends a date of death valuation. His daughter enters the Treasury Stock total in part 1 and copies it to box 62. She enters the share and ISA totals in part 2, including the ISA cash, and copies that to box 63. One company had gone ex dividend before the death, so the dividend goes in the dividend column and on to box 64. She attaches the stockbroker’s valuation.

Frequently asked questions

Do AIM shares go on IHT411?

No. GOV.UK says shares listed on the Alternative Investment Market go on IHT412, because that market does not meet HMRC’s definition of listed.

Do foreign shares go on IHT411?

The form says foreign shares go in part 2 only if they are listed on the London Stock Exchange or other UK exchanges.

Do I have to list every holding if I have a broker’s valuation?

No. You can copy the totals for each category onto the form and enclose a copy of the valuation.

Where do Premium Bonds and bank accounts go?

Not on IHT411. The IHT400 has its own boxes for bank and building society accounts and for Premium Bonds and NS&I products.

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Sources

• GOV.UK: Inheritance tax listed stocks and shares iht411
• assets.publishing.service.gov.uk: IHT411 form English
• GOV.UK: manual page IHTM18011
• assets.publishing.service.gov.uk: IHT400 2022 Notes 04 26final
• GOV.UK: Valuing stocks and shares for inheritance tax
• GOV.UK: Inheritance tax unlisted stocks and shares and control holdings iht412
• GOV.UK: Inheritance tax claim for relief loss on sale of shares iht35
• GOV.UK: Inheritance tax to pay
• GOV.UK: Paying inheritance tax

Reviewed by Christine Anderson, Broker, Solar Protect. Last reviewed 8 November 2026. Part of Accountapedia, the Solar Protect guide to UK tax and accounting. This page is general information, not personalised advice.