Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Professional valuation of chattels

08 April 2024 / Julie Butler , Philip Whitcomb
Issue: 4931 / Categories: Comment & Analysis , IHTA 1984 , Admin
What’s it worth?

There is much debate among advisers as to whether there is a need for a professional valuation of chattels. The answer is a clear ‘yes’. There is also a question as to whether there should be a ‘chattels reconciliation’ to show the chattels at the date of death (professionally valued) and how they are distributed or sold and tied into the estate accounts. Again the answer is ‘yes’ – there has to be.

Let’s consider the legislation around this subject. The starting point is IHTA 1984 s 216. The material part is that the personal representatives (PRs) must deliver an account specifying to their ‘best knowledge and belief … the value … of property’. The question of value is dealt with in s 160. There are particular rules on the valuation of sets.

Penalties under s 247 may be imposed for incorrect returns – potentially on...

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon