As for qualifying investments, the relief must be claimed. The appropriate person must specify the capacity in which he is making the claim (IHTA 1984, s. 191(1)(b)), e.g. as executor, trustee or otherwise. There is no provision in the legislation for withdrawing a claim which turns out to be unfavourable; thus, no claim should be made until the aggregate effect of all sales within the three-year period is known. The claim must be made within four years of the end of the three year period during which qualifying sales can be made (IHTA 1984, s. 191(1A)). This time limit came into effect on 1 April 2011.

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