HMRC have added a new page IHTM 25193 to the Inheritance Tax Manual, covering “Other holdings of unquoted shares: American Depositary Receipts”. As the guidance explains, these:
“are securities that represent shares of non-US companies that are held by a US depositary bank. They allow US investors to invest more easily in non-US companies, avoiding difficulties such as transferring original shares certificates from one country to another. They can also give non-US companies easier access to US capital markets”.
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm25193
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