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Where Taxpayers and Advisers Meet

IHT valuation of chattels

Incredulum
Posts:2795
Joined:Thu Dec 03, 2009 5:35 pm
IHT valuation of chattels

Postby Incredulum » Mon Feb 04, 2019 1:13 pm

Shortly before a person is to die, their house is sold. The local auction house has no interest in the contents. The local house-clearance man will charge to take everything away.

Is it acceptable to put a nil valuation on the items, for all that the individual's children will take some of the items - and they would doubtless have some value if sold on eBay, for instance. If the children don't take the stuff, then their negative value - i.e. the amount charged by the house clearance man - will be more negative.

There will be IHT to pay.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: IHT valuation of chattels

Postby AGoodman » Tue Feb 05, 2019 12:40 pm

I would include a small value for things that are being kept but none for items being taken away. You can't set off a cost of removal against positive value of the others.
HMRC recognise that few household items hold much if any value these days.

Only really worth thinking about for more than 30 secs if the estate is taxable.


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