How to Value Shares and Investments for Probate

The Quarter-Up Rule Explained

HMRC requires listed shares to be valued using the "quarter-up" method. This has been the standard approach since 1975 and is derived from the London Stock Exchange's daily official list (SEDOL). The formula is:

Example: On the date of death, Tesco plc shares were quoted 220p–226p. The quarter-up value is:

If the deceased held 1,500 Tesco shares, the probate value would be 1,500 × £2.215 = £3,322.50.

Where to Find Historic Share Prices

You need the bid and offer prices (or open and close prices) for the specific date of death. Sources include:

• The London Stock Exchange website — historic price data is available for most listed UK companies.
• Financial data providers — sites like Morningstar, Investing.com, or the Financial Times markets section hold historic price data.
• The deceased's broker or platform — will often provide a date-of-death valuation statement as a matter of course when notified of the death.
• Share registrar — for directly held shares, the registrar (e.g. Computershare, Link Asset Services, Equiniti) can provide the date-of-death holding and price.

If the date of death falls on a weekend or bank holiday, use the prices from the most recent preceding business day on which the Stock Exchange was open.

Unit Trusts and OEICs

Unit trusts and open-ended investment companies (OEICs) are priced differently from listed shares. They are valued at the bid price (the price at which the fund will buy units back) on the date of death. The offer price (the price at which new units are sold) is not used for probate purposes.

Contact the fund manager or platform directly for the bid price on the specific date. Most major platforms (Hargreaves Lansdown, Fidelity, AJ Bell, etc.) will provide a date-of-death valuation statement.

Investment Portfolios and Wrap Platforms

If the deceased held a managed portfolio or investments on a platform (including an ISA), the simplest approach is to:

1. Notify the platform of the death in writing, providing a certified copy of the death certificate.
2. Request a formal "date of death valuation statement" for all holdings as at the date of death.
3. Use the platform-provided figure in your IHT400 — keep the statement as supporting evidence.

For ISA holdings specifically, also read our guide on valuing ISAs for probate, as there are specific rules about ISA status and the Additional Permitted Subscription (APS) allowance for surviving spouses.

Shares in Unquoted (Private) Companies

Shares in private (unlisted) companies are harder to value and require specialist input. HMRC will scrutinise these valuations closely. You will typically need an accountant or business valuer to provide a formal valuation, taking into account the company's net assets, earnings, and comparable transactions. See our guide to valuing a business for probate.

For unquoted shares that qualify for Business Property Relief (BPR), up to 100% relief from IHT may be available — reducing the taxable value to nil. Your accountant can advise on BPR eligibility.

AIM-Listed Shares

Shares listed on the Alternative Investment Market (AIM) are treated as listed shares for valuation purposes — you use the quarter-up rule with the AIM prices on the date of death. However, many AIM shares qualify for Business Property Relief (BPR) at 100%, meaning they may be entirely exempt from IHT. Check BPR eligibility for each AIM holding.

Dividend Income During Administration

During the administration period, any dividends paid on shares still held by the estate are income of the estate. If total estate income during administration exceeds £500, you must file an SA900 estate income tax return with HMRC. See our guide to the SA900 estate tax return.

Reporting Share Values in IHT400

Listed shares and investments are reported in Schedule IHT411 (listed stocks, shares, and investments). You must list each holding separately with the number of shares, SEDOL or ISIN number, and the quarter-up value. The total feeds into the main IHT400 form. For a complete walkthrough of IHT400, see our IHT400 form guide.

Collecting Shares After Probate

Once probate is granted, you can either sell the shares through the estate or transfer them to beneficiaries. The process for collecting and dealing with shares post-probate is covered in our guide to collecting investments and shares after probate.

For a complete overview of estate administration, see our estate administration checklist, the complete UK probate guide 2026, or start with our free estate administration tool.