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Quoted

'Quoted' for these purposes means listed on a recognised stock exchange and so 'unquoted' means securities not so listed on a recognised stock exchange¹.

'Recognised stock exchange' is defined in ITA 2007, s 1005 'for the purposes of the Income Tax Acts'. HMRC will use the same definition for IHT purposes.

HMRC maintain two lists. A list of the countries where any stock exchange in that country is a 'recognised stock exchange' (designated countries) and a list of designated recognised stock exchanges.

The Alternative Investment Market (AIM) is for these purposes not a recognised stock exchange and so AIM shares are unquoted for BPR purposes.

American Depository Receipts (ADRs) (sometimes known as American Depositary Shares (ADSs)) are usually listed on a US stock exchange and so are treated by HMRC as listed and quoted for BPR purposes accordingly².

Occasionally, shares in unquoted companies can be represented by ADRs and then the position is more complicated and will