EIIS on death

[zinzan]

Hi All,

Looking for a bit of guidance on this one.
My father passed away holding some investments in EIIS that still have a number of years to run.
He went through Greencrowd for them who say there may be clawback on the relief he received- is anyone aware if this is actually the case or not? We’re at the point now where we need to decide whether to see if we can withdraw the funds or transfer them to our name.
Finding it hard to get clarity on this so any guidance appreciated!

Thanks!

 

[ClubMan]

Is this of any use?

17 Death of an Investor

In general, where there is a disposal of any eligible shares before the end of a compliance period, and where that disposal is made otherwise than at arm’s length, there will be no entitlement to relief for the individual disposing of those shares. If the disposal is made in any other case (including where the shares are disposed of at arm’s length), the relief that the individual would have been entitled to will be reduced by the value of the consideration received for those shares.

However, this shall not apply where there is a disposal made by a married person to his/her spouse, when he/she is treated as living with his/her spouse for income tax purposes. It shall also not apply (i.e. there will be no clawback of the relief previously granted) where there is a disposal of shares through the death of an investor and the shares are passed to his/her spouse.

It also shall not apply where there is a disposal by a civil partner to the other civil partner at a time when he/she is treated as living with his/her civil partner for income tax purposes. It shall also not apply (i.e. there will be no clawback of the relief previously granted) where there is a disposal of shares through the death of an investor and the shares are passed to his/her civil partner.

 

[zinzan]

Many thanks for that ClubMan, I think it covers exactly what I was trying to figure out yet could not find!