I have a friend (yes really, not me
![Smile :)](./images/smilies/icon_e_smile.gif)
Most of his investments are in investment trusts, some tax sheltered in ISA's, some not. The issue is that he has been accumulating them for many years, but he has no idea how much any/all of them cost initially to purchase.
I imagine, for inheritance tax purposes (especially for the non-sheltered ones) that the purchase price is relevant - i.e. the inheritance tax would at some level be a function of the capital gain for each?
If not, great, if so, any idea what HMRC would deem to be the purchase price if no-one had any idea? There is an outside chance my friend may ask me to be executor of his will, so this may become relevant for me (and depending on the answers, I may encourage him to use a suitable legal firm).
Regards, Newroad