Exempt government securities (see I9.321) are excluded property if they are in the beneficial ownership of a person who satisfies the conditions for exemption attached to the stock1.
For information on the other categories of excluded and exempt property for IHT see I9.311.
These conditions are, for most exempt stock, that the beneficial owner is resident outside the UK2.
The exemption depends on the qualifying person having beneficial ownership and not ere legal title.
HMRC states that at the date of the transfer concerned the securities must in fact be registered
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