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share values for probate.
Shelldean
Posts: 2,416 Forumite
Is it correct that the probate form requires the value of shares to be what they was on the date of death?
If so how can I find out what a share was worth on the date of death?
I've read a few sites but they confuse me by saying the shares were valued at
Open 395.90
High 396.32
Low 383.80
Close 389.00
Adj close 389.00
Which figure do I use? The adj close I guess? And I guess it doesn't mean each share was worth £389 so how does it work?
If so how can I find out what a share was worth on the date of death?
I've read a few sites but they confuse me by saying the shares were valued at
Open 395.90
High 396.32
Low 383.80
Close 389.00
Adj close 389.00
Which figure do I use? The adj close I guess? And I guess it doesn't mean each share was worth £389 so how does it work?
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Comments
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Oh and if the person died on the weekend do you use the last working day value prior to their death?0
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Oh and if the person died on the weekend do you use the last working day value prior to their death?
Hmm, your description of the circumstances fits that of someone I know (or knew of ex colleague (West Mids by any chance?))
If so, then you can use certain sites to determine the price of the shares pool.
PM me if this is the case.0 -
Nope not west mids.
Got my head round the rest of probate but not this bit.
As obviously how you interpret the share price can give wildly different values.
10 share at 3.89p = £38.90
10 shares are 389p = £3890.00
Don't want to get it wrong0 -
check the HMRC web site for info on valuations
http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/shares.htm
You need adjusted close just check a couple of sites sometimes they get them wrong.
I use yahoo and one other just to make sure
eg for BP 1 jan 2013 to now
https://uk.finance.yahoo.com/q/hp?s=BP.L&b=1&a=00&c=2013&e=4&d=03&f=2014&g=d0 -
Nope not west mids.
Got my head round the rest of probate but not this bit.
As obviously how you interpret the share price can give wildly different values.
10 share at 3.89p = £38.90
10 shares are 389p = £3890.00
Don't want to get it wrong
shares are priced in pence in most cases.
as above HMRC link you can use the day before or after for the valuation on a day the stock markets is closed.0 -
quite surprised if you have got on top of everything else you had not found the info before.
every question to do with tax is a google search HMRC .............
It finds 99% of the things you need0 -
getmore4less wrote: »check the HMRC web site for info on valuations
http://www.hmrc.gov.uk/inheritancetax/how-to-value-estate/shares.htm
You need adjusted close just check a couple of sites sometimes they get them wrong.
I use yahoo and one other just to make sure
eg for BP 1 jan 2013 to now
https://uk.finance.yahoo.com/q/hp?s=BP.L&b=1&a=00&c=2013&e=4&d=03&f=2014&g=d
Right ok, I was using Yahoo (cos it came up first in Google lol)
The adjusted close for the Friday before death was as I quoted 389.00.
So 200 shares x 389.00 = £778.00
Have I read that correctly?
Sheez this shares lark is confuddling me totally0 -
getmore4less wrote: »quite surprised if you have got on top of everything else you had not found the info before.
every question to do with tax is a google search HMRC .............
It finds 99% of the things you need
Sorry when I said I was on top of things, I meant I'd gathered the bank account details together.
Gotta admit I searched for historical share values, I never even thought of HMRC. and I should've as that's where I read the guidelines for doing the probate.
Am just trying to get all the figures together so I can fill in probate.0 -
What confused me was how they write the value.
To me 389.00 is three hundred and eighty nine pounds, but it's not it's three hundred and eighty nine pence.
I figured I was reading it wrong but wanted clarification. And thanks to you getmoreforless, HMRC has shown me!!!0 -
OK one other complication is the XD(ex dividend) status you will have to read up on that I can't remember the exact details on how you treat the dividends.
You may also have dividends turn up during administration.
To save money liquidating I just took over all the share accounts at no charge and adjusted the distribution of other assets, I was going to invest the money somewhere anyway.
the HMRC ...... google search is something a lot of people miss when looking for things tax related the full manual(less a few pages) which they use to guide as well as the general info pages are full of useful stuff0
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