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Legal matters

probate valuation for personel chattels

2 replies

pippala · 12/05/2011 22:33

Hi,
I am in the process of working through probate papers as executor of my Mum's will.
I have to give a valuation for her personel chattels.
Why? Are they included for inheritance tax?
My Mum didn't have a lot.
I gave her clothes to charity, threw away soooo much tat and took most of her really old naff tatty furniture (that I grew up with) to the tip.
All I kept were some photos, Lillilett Lane houses, most of which I bought her, her old dell computor, a newish washer, fridge, freezer and her crap jewellery(H. Samuel)
I think in all it's worth no more than £500.
If I have to pay inheritance tax on it I'd rather not have it TBH.
She also had an old dented ford focus which I guess is worth no more than £500.
Do I have to itemise/value everything I threw out and which I kept?
Her estate is subject to inheritance tax due to the value of her house.
Thanks in advance

OP posts:
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STIDW · 13/05/2011 01:19

I think a lot of people are in the situation where inheritance tax is due because of the value of property but the chattels are of little value. You do need to declare a realistic value for chattels to avoid arousing any suspicions of tax evasion. The Inland Revenue appear generally to accept the value of chattels without too much scrutiny unless something doesn't seem right. It would be very odd for someone not to have kitchen appliances for example. Presumably the items you threw away had no value.

However, it's a good idea to value everything in case there is any dispute

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STIDW · 13/05/2011 01:21

I think a lot of people are in the situation where inheritance tax is due because of the value of property but the chattels are of little value. You do need to declare a realistic value for chattels to avoid arousing any suspicions of tax evasion. The Inland Revenue appear generally to accept the value of chattels without too much scrutiny unless something doesn't seem right. It would be very odd for someone not to have kitchen appliances for example. Presumably the items you threw away had no value.

However, it's a good idea to value everything in case there is any dispute

Report
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