There is much debate among advisers as to whether there is a need for a professional valuation of chattels. The answer is a clear ‘yes’. There is also a question as to whether there should be a ‘chattels reconciliation’ to show the chattels at the date of death (professionally valued) and how they are distributed or sold and tied into the estate accounts. Again the answer is ‘yes’ – there has to be.
Let’s consider the legislation around this subject. The starting point is IHTA 1984 s 216. The material part is that the personal representatives (PRs) must deliver an account specifying to their ‘best knowledge and belief … the value … of property’. The question of value is dealt with in s 160. There are particular rules on the valuation of sets.
Penalties under s 247 may be imposed for incorrect returns – potentially on...
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