Home Contents Valuation Report
Our Home Contents Valuation Report (frequently referred to as a Probate Valuation) is most often used for the purposes of inheritance tax. This report is prepared in accordance with s.160 of the Inheritance Tax Act 1984. Our starting point is the HMRC IHT 407 which is the form used to file the return of household and personal goods, including jewellery, antiques, collections, motor vehicles etc.
We have listened to our customers and after twenty years experience have refined the format of our valuation report, designed with the input of experienced probate practitioners; saving time, eliminating confusion and ultimately saving the estate expense.
The report format can be tailored for other forms of valuation including insurance, matrimonial and family division.
Valuation report features
Room by room inventory
Each item of value, physically numbered (when appropriate to avoid confusion), with description, location and valuation, on a room by room basis. We can also value jewellery, look at the contents of outbuildings, garden items, motor vehicles etc.
Digital thumbnail Images
Linked to any physical numbering of items, a digital thumbnail image of each item of value allows for simple identification of objects saving time at each stage of the administration process. Particularly helpful with extensive jewellery collections.
HMRC IHT 407 template
Our HMRC IHT 407 template provides you with all the figures in an easily recognisable format, ready to be inputted into your own inheritance tax return. Our certification page confirms that the valuation has been carried out in accordance with Section 160 of the Inheritance Tax Act 1984.
Post-valuation services
Auction consignment and brokerage
We can arrange fully insured packing, removal and transport to place all or some of the items listed in the valuation to the most appropriate outlet, whether that be via one of our auction house partners*, or through a private treaty sale.
*We may receive referral fees from our auction house partners
House clearance
We can arrange for a property to be cleared to what is known as ‘vacant possession’. Our house clearance partners are fully insured, hold waste clearance licences and recycle wherever possible.
Post-auction administration
Keeping track of what went where, to which family member or beneficiary, particularly in large estates can be a headache for probate practitioners. Our Home Contents Valuation Report Excel Spreadsheet is the solution. We can also assist in post-sale reconciliation and confirm when all aspects of the contents have been definitively dealt with.
Other services for private clients
Insurance valuation
An up to date insurance valuation is a sensible idea for any household and essential for homes with antiques and fine art. We can provide an insurance valuation to satisfy your insurance companies requirements and make sure you are covered for any loss.
From a single items to an entire home contents, with threshold values tailored to your policy requirements.
General inventory - Power of attorney
There are a number of other reasons why it may be helpful to have an inventory of household contents for, example:-
For fair division of items on death (where a formal valuation is not needed for Inheritance Tax purposes);
Upon taking control of assets under a power of attorney (POA). The diminishment of capacity often results in a steady stream of unknown visitors for a variety of care and other purposes. Taking stock at the outset records and safeguards assets.
Matrimonial division
We provide valuations for the purpose of a divorce. An independent qualified valuer can provide an impartiality to proceedings when emotions may be running high. We usually seek joint instructions so that both parties receive in advance the terms of the valuation, understand its remit and the basis of valuation so that both parties know what to expect.
Collections or a single item
Whether you have a few choice items or an extensive collection, we may be able to help in a number of ways such as inventory, insurance and current market value as well as capital gains tax where relevant.