IHTM21012 - Investigating form IHT407: investigation issues

The instructions on valuing household goods are found at (IHTM21041). Your main tasks here are

• to ensure that the unsold items in the estate are realistically valued, concentrating on the higher value items or estates, where there is likely to be more scope for substantial adjustments; and
• to satisfy yourself that the value offered for household goods seems consistent with the value and nature of the residence, the estate as a whole and the taxpayer’s comments.

The IHT407 will help you to make informed decisions about the values offered. Depending on the value of the estate, you may wish to raise an enquiry requesting that the taxpayer provides details of any proposed sales.