Open for investment
Puma AIM ISA
Inheritance Tax Service
A portfolio of AIM quoted companies offering IHT relief through Business Relief, alongside existing ISA tax advantages.
Maximise your ISA allowance and reduce inheritance tax exposure
Open a new ISA or transfer an existing ISA, including a cash ISA, into a discretionary portfolio invested in carefully selected companies listed on the Alternative Investment Market (AIM).
Once the investment has qualified for Business Relief (BR) after two years, you can benefit from IHT relief, plus the income tax and Capital Gains Tax advantages an ISA already provides. BR-qualifying AIM shares held for two years and at the time of death will be eligible for 50% IHT relief1.
Multi-award winning since 2014, our experienced team invests in quality companies with sustainable margins, good returns and a strong track record of cash generation.
Three reasons to invest
Established track record of
over ten years
Since inception in July 2014, the cumulative performance of the model portfolio has increased by +47.26%, outperforming the FTSE AIM All‑Share Index (-8.69%) and broadly in line with the FTSE All‑Share Index (+50.84%).2 Please see full performance details below
Experienced
management team
Led by Dr Stuart Rollason with support from Daniel Cane and Joseph Cornwall. The team brings over 50 years of SME investing experience. Part of Shore Capital Group, it is the third‑largest AIM market maker, analysing AIM companies since the market opened in 1995
A diversified portfolio of
larger AIM companies
Targeting companies with good revenue visibility and generating positive cashflows. The portfolio does not typically invest in early-stage companies. The portfolio is invested across 15 different sectors with no more than 20% in any one sector at present
The role of Business Relief
BR-qualifying AIM shares benefit from 50% relief from inheritance tax, once they have been held for at least two years and remain held at death.
By keeping ownership and access to your investments, held in the Puma AIM ISA IHT Service, you can potentially reduce inheritance tax due1.
How do you want to invest?
Open a new ISA
A way for you to grow your ISA portfolios by investing £20,000 a year into BR-qualifying AIM shares
Transfer an existing ISA
Keep the lifetime Capital Gains Tax and income tax advantages of the ISA wrapper with 50% IHT relief1
Invest outside an ISA
If you prefer to invest without an ISA wrapper
Strong performance for more than ten years
NAV performance for growth shares since inception
Cumulative performance since inception
Source: FactSet. Figures correct 31 March 2026. Past performance is no guarantee of future results.
Cumulative investment performance %
| 3 months | 1 year | 3 years | 5 years | Since inception | |
| Puma AIM IHT Portfolio Service | -13.52 | -11.31 | -16.99 | -18.35 | +47.26 |
| FTSE AIM All-Share Index (AXX)3 | -6.43 | +5.15 | -11.39 | -40.13 | -8.69 |
| FTSE All-Share Index (ASX)3 | +1.50 | +17.46 | +30.61 | +41.75 | +50.84 |
Discrete investment performance %
| 2025 | 2024 | 2023 | 2022 | 2021 | CAGR4 | |
| Puma AIM IHT Portfolio Service | -7.64 | -6.37 | +5.72 | -14.24 | +28.39 | +3.35 |
| FTSE AIM All-Share Index (AXX)3 | +6.50 | -5.72 | -8.18 | -31.69 | +5.17 | -0.77 |
| FTSE All-Share Index (ASX)3 | +19.75 | +5.57 | +3.85 | -3.16 | +14.55 | +3.56 |
Discrete performance data is calculated as full-year periods from 1 January to 31 December of the year displayed.
3 The indices shown are for illustrative purposes only and are not considered directly comparable to the performance of this Service. Source: FactSet.
4 Compound Annual Growth Rate.
Please note that performance data applies to the longest held, live portfolio which has been invested since inception, based on a portfolio managed directly by the Manager on its main trading platform. Performance data may vary for portfolios managed by the Manager on platform due to differing deal fees and other platform fees. Furthermore, small variations in performance may apply as each individual investor has their own discrete portfolio of assets. Discrete performance data is calculated as full-year periods from 1 January to 31 December of the year displayed.
Past performance is no guarantee of future results. Date of inception: 1 July 2014.
A spotlight on Q1 2026 performance
Read our latest quarterly report for a performance update, along with recent loan highlights. Past performance is no guarantee of future results.
+3.35%
Compound Annual Growth Rate
£151.75 million
portfolio assets under management
82.07%
companies in the portfolio with a market cap above £100m
FAQs
Find out more
Please contact your Financial Adviser to discuss our investment solutions in more detail.
Alternatively, our team of over 20 Client Relations and Operations specialists can provide practical guidance and seamless service at every stage of your investment journey.
Further information
1 Tax reliefs are not guaranteed, depend on individual circumstances and may be subject to change.
2 The indices shown are for illustrative purposes only and are not considered directly comparable to the performance of this Service. Past performance is no indication of future results and share prices and their values can go down as well as up. Source: London Stock Exchange and FactSet, as at 31 March 2026, unless otherwise stated.
Risk factors
An investment in the Puma AIM ISA Inheritance Tax Service may not be suitable for all investors.
An investment in the Service carries risk and you should take your own independent advice. You should only invest in the Service on the basis of the Investment Details and Investor Agreement which details the risks of the investment. Below are the key risks of the Service:
Tax reliefs are not guaranteed: Tax rules may change, which could affect the reliefs available for IHT purposes. Tax reliefs are subject to an individual’s personal circumstances and independent tax advice should be taken. While the Tax Adviser will also carry out an annual review of the portfolio, we can’t guarantee that all portfolio investments will qualify for BR. If a company should be non-qualifying at the time of being selected for the portfolio or become non-qualifying thereafter, then any applicable BR could be reduced accordingly.
Long-Term investment: An investment in the Puma AIM Inheritance Tax Service should be considered a long-term investment.
Capital at risk: The value of investments can go down as well as up, so investors may not receive their full amount invested. An investment in smaller companies is likely to be higher risk than many other investments. Companies quoted on AIM are likely to be more risky and have less rigorous listing requirements than companies quoted on the main list of the London Stock Exchange. Dealing costs may be significant, particularly in respect of a relatively small investment in the Service.
Past performance: The past performance of the Puma AIM Inheritance Tax Service, Puma Investments, the funds Puma Investments manages or the companies it advises, is not a reliable indicator of future performance. Future performance may be materially different from past results. There is no guarantee that can be given as to the overall performance or level of return that can be achieved from investments made, or that the objectives of the Service will be achieved.
Potentially illiquid investment: AIM stocks are largely small and illiquid. They are characterised by significant spreads and low trading volumes. A sale of such shares may be difficult, slow and only achievable at lower than indicated market price.
Figures on this page are taken from Puma Investments and are correct as of 15 April 2026 unless stated otherwise.