When we report the value of personal items in Inheritance Tax returns it is always difficult to truly know how much things are worth without a professional valuation.
Our personal things around us are part of who we are and when valuing without professional assistance items are often considered to be more valuable then they really are.
It is a sad fact that most general household items are of very little value when you look at valuing for resale purposes. Heavy old furniture is no longer fashionable, sofas do not have the correct fire safety certificates but there are those items which do have value.
For estates which are taxable, and those which are not, HMRC have recommended that items which are believed to be in excess of £500 are professionally valued.
HMRC has amended its guidance to advise that professional valuations are now sought when items are believed to be worth more than £1500 or where values are unknown. They want valuations to still be at market value and not for insurance replacement or other purposes.