HMRC internal manual

Inheritance Tax Manual

Reduced account: when may a value be estimated

When completing a reduced account the personal representatives may include their own estimate of the open market value for property passing to an exempt beneficiary. This applies to items included in the IHT400 and in the supplementary schedules. Where an estimated value is included because an item passes to an exempt beneficiary, the item should not be listed in 119 on page 12 of the IHT400. Nominal values must not be used.