IHT411 is the HMRC schedule for listed stocks and shares, sent with the full Inheritance Tax account, form IHT400. It lists UK government and municipal securities in box 1 and listed shares, unit trusts, investment trusts, OEICs and shares held in ISAs in box 2, each valued at the date of death, plus any dividends or interest due but not yet paid. Unlisted shares, including those on markets HMRC doesn't treat as listed, go on IHT412 instead.
This page uses the IHT411 form (HMRC 09/22) and HMRC's IHT400 Notes, as of October 2026.
What goes on IHT411 and what doesn't
| On IHT411 | On IHT412 instead |
|---|---|
| UK government stock such as Treasury Stock and War Loan, and municipal securities | Shares in a private limited company |
| Shares on the Stock Exchange Daily Official List | Shares on markets HMRC doesn't recognise as listed |
| Shares held in an ISA, plus any uninvested cash in it | Business Expansion Scheme or Business Start-up Scheme shares |
| Unit trusts, investment trusts and OEICs | Listed shares that gave the person control of the company |
| Foreign shares listed on the London Stock Exchange or other UK exchanges |
HMRC publishes a list of markets that count as listed or not listed for its purposes. The IHT400 Notes say a listed control holding will be very rare.
The AIM point that matters more since April 2026
Shares on markets that aren't listed for HMRC purposes, such as AIM, belong on IHT412, not IHT411. The current IHT403 adds that, for deaths on and after 6 April 2026, these shares can now only qualify for 50% relief. If the person held a mix of main-market and AIM shares, split them across the two schedules and check the relief on each.
How to value listed shares
You don't need a professional valuation for quoted shares. Use the price on the day of death, remembering that a newspaper printed that day shows the previous day's prices.
- Newspaper price: multiply the number of shares by the price. HMRC's example is 1,250 shares at 1093.5p, worth £13,668.75.
- Quarter-up price: a valuation service gives a range, such as 1091p to 1101p. Take the lower price plus a quarter of the difference, here 1093.5p.
- Unit trusts: if two prices are shown, take the lower one.
- Weekend or holiday death: take the price for the last or next trading day, whichever is lower, choosing separately for each holding.
All figures are HMRC's worked examples, as of October 2026. If you have a stockbroker's valuation, or filled in form C1 in Scotland, you only need to copy each category's total onto IHT411 and enclose the valuation.
Dividends and interest due at death
Shares marked XD at the date of death carry a dividend that's still payable to the estate. Work it out by multiplying the shares by the dividend per share. If it's a percentage, apply it to the nominal value: HMRC's example is 2.6% of £400 loan stock, or £10.40. Accrued interest on gilts and fixed-interest stock, marked IK or IM, also goes on IHT411, net of basic rate Income Tax, and the totals go in box 64 of the IHT400.
Other markings change the holding itself: XC means include the new shares from a capitalisation, XR means account for rights, and XE means include new shares or warrants. The company's registrar can confirm the numbers.
Gathering what you need
- Ask the stockbroker, platform or ISA manager for a date-of-death valuation of every holding, including any uninvested cash in an ISA.
- Write each holding with its name, nominal value and share type, for example A N Other Plc 10p ordinary shares, as the IHT400 Notes suggest.
- Ask company registrars about any shares held directly on certificates, and about new shares, rights or warrants due at the date of death.
- Value UK government stock through a bank, stockbroker or the UK Debt Management Office.
- Split out anything that belongs on IHT412 before you add up the totals.
Unit trusts need the full name, such as the manager and the specific trust and unit type, so HMRC can identify them.
Where the totals go
| IHT411 box | Copy to IHT400 |
|---|---|
| Box 1 total: government and municipal securities | Box 62 |
| Box 2 total: listed shares and investments | Box 63 |
| Interest and dividends due | Box 64 |
Deadlines that apply
The IHT400 and its schedules must reach HMRC within 12 months of the death. Sending it later without a reasonable excuse can mean a penalty of up to £200, and up to £3,000 more if it's 2 years late, as of October 2026.
The verdict
IHT411 is one of the easier Inheritance Tax schedules if you take it in order: list everything from the broker's statement, move AIM and private shares to IHT412, value the rest quarter-up on the date of death, and catch any XD dividends. For estates where an IHT205 or a simpler route isn't open, it's a core part of the IHT400 pack.
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Frequently asked questions
What is IHT411?
It's the schedule used with form IHT400 to give details of listed stocks, UK government and municipal securities and shares owned by the deceased.
Do AIM shares go on IHT411?
No. Shares on markets HMRC doesn't recognise as listed, such as AIM, go on Schedule IHT412.
Do shares in a public limited company go on IHT411?
Usually. The IHT400 Notes say shares in public limited companies will be listed, so they go on IHT411 unless the deceased had a control holding, which belongs on IHT412.
Do I need a professional valuation for IHT411?
No. HMRC says you don't need one for quoted stocks and shares; you can use published prices or a share valuing service.
How do I value shares for IHT411?
Use the price on the date of death; with a price range, take the quarter-up price, which is the lower price plus a quarter of the difference.
Do ISA shares go on IHT411?
Yes. Include shares held in an ISA and a figure for any uninvested cash in it, but not other cash or insurance policies.
What if the person died at the weekend?
Take the price for either the next or last day the stock exchange was open, whichever is lower, for each holding.
Where do the IHT411 totals go on the IHT400?
The box 1 total goes in IHT400 box 62, the box 2 total in box 63, and interest and dividends due in box 64.
