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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
, see all updates

Valuation of assets: ascertained values: ‘probate values’

For all estates where probate or its equivalent is sought the personal representatives must provide to the Probate Registry either

  • a statement certifying that the value of the estate is below the limit for excepted estates (a limit related to the level at which liability to Inheritance Tax starts)


  • a statement setting out the proposed open market value of all the assets in the estate.

Where figures are returned under this procedure, taxpayers and their advisers often refer to them as probate values. This term has no significance for tax purposes and you should avoid using it when contacting taxpayers and their advisers.