In most cases SAV (F) will simply need to convert the bank
account from the foreign currency into Sterling. They will need to
be instructed via form 516 (F) (
IHTM18080). SV (F) do not need to see
the file.
SV (F) also deal with less straightforward items, e.g.
foreign debts included at less than face value.
You should instruct SV (F) via a memo telling them what you
want valued, the relevant date, include all relevant information
and copy any correspondence about the item.
Foreign household and personal goods (
IHTM21000) must be valued in the same
way as UK assets.
However you must remember that chattels on display at a museum may not be counted as in the UK at the relevant time. In such a case depending on the domicile of the taxpayer the item may not be taxable in the UK. ( IHTM27075)
