Commentary

I8.376 Personal chattels

IHT, trusts and estates

I8.376 Personal chattels

I8.376 Personal chattels

A person's estate includes all his personal chattels, including household goods, jewellery and motor cars. Supplementary form IHT407 (or IHT404 for jointly held assets) for the IHT400 or, where the full IHT account is not required, IHT205 should have been completed with details of any household and personal goods that form part of the estate or transfer. However, the IHT205 has now been replaced by a digital service1. HMRC provide guidance notes to enable the forms to be completed accurately and completely. The valuations have to be ascertained in accordance with the correct statutory principles2, and HMRC have previously stated that they pay particularly close attention to the values included for household and personal

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