HMRC have recently made some amendments to their guidance on the valuation of individual items within an estate, announcing a £1,000 increase in the threshold of personal items that are liable for Inheritance Tax, to include art, antiques and jewellery.
HMRC had previously suggested that professional valuations should be sought for only those individual items with an expected value of more than £500; this has now risen to £1,500.
If executors believe individual items within an estate are likely to be worth more than £1,500 then HMRC’s advice is to seek a professional valuation of the relevant art, antiques, jewellery and household items. It is important that insurance valuations are not used for this purpose and that a specialist probate valuation based on the likely open market value is required. HMRC also advise that if the value of a particular item is unknown it is best to seek a professional ‘probate’ valuation to be certain of the correct level of value.
Coram James are specialist RICS accredited probate valuers of art, antiques and jewellery and provide professional written valuations for probate purpose. As RICS registered valuers we are highly experienced and work alongside solicitors, executors, accountants and professional advisors to ensure accurate valuations are provided.
For those wishing to sell items from an estate we also offer specialist sales advice. For more information please see our selling page: Private and Auction Sales