The main issue you need to consider in the case of a lifetime transfer ( IHTM14000) of household goods is the loss to the estate principle ( IHTM04054). The value of the gift is not necessarily the value of the item transferred if, for instance, the deceased gave away only part of an interest in a collection which was more valuable when complete. The most commonly cited example of this is the case where the deceased had two Ming vases and transferred one of them during his lifetime. The vases would be more valuable as a pair and you should therefore ascertain the value of the pair at the date of gift and the value of just one individually. The difference between the two figures will be the loss to the estate and therefore the value of the gift.
