CG50278 | Shares and Securities: Definitions and share issues: Stock Exchanges: Quoted/unquoted and listed/unlisted: Definitions: quoted and unquoted shares and securities: valuations

The valuation provisions of TCGA 1992 differ according to whether a share or security is quoted or not (TCGA92/S272 and TCGA92/S273). ‘Quoted’ should be interpreted as meaning 'listed at a price', and in the context of the London Stock Exchange, means 'listed at a price on SEDOL', TCGA92/S272(3).

Shares and securities which are listed on SEDOL, but for which no price quote is given should be treated as unquoted for valuation purposes. Shares and securities traded on the Alternative Investment Market (AIM) are treated as neither listed nor quoted, see CG50255.

It may not always be clear from the return or computation whether a share or security is quoted. In particular the initials PLC after a company's name do not mean it is quoted. In the main, online information stating the values of quoted shares and securities can be relied upon. If you have any queries about these values, however, contact Shares and Assets Valuation to discuss further

All valuations of unquoted shares or securities should be submitted to Shares and Assets Valuation, see CG59540+, except in the limited circumstances mentioned in CG13120P.