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HMRC internal manual

Inheritance Tax Manual

Valuation of joint property: discounts for joint ownership

Assets other than land

The usual forms of personal/moveable estate that are jointly owned are bank and building society accounts, where there would be no reason to think that a discount for joint ownership should be appropriate.

Where the joint assets are household goods, and the related property provisions (IHTM09731) do not apply, the taxpayers or their agents may ask for a discount simply because the goods are jointly owned. In such cases you will need to establish the nature and purpose of the joint ownership, together with details of any trust on which it is held.

For example, the valuation of a share in a work of art purchased by a syndicate may well be on a different basis from the value of a share in a number of personal goods left amongst children by a parent and the circumstances in which a sale could be obtained may vary. Once you have established the surrounding legal framework of the joint ownership the value of the share of the chattels should be referred to SAV (Chattels) with details of how the joint ownership arose. They will advise on the value and any discount for joint ownership.

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In England, Wales and Northern Ireland as a matter of practice the nature of jointly owned property results in the discounting of the open market value of land or buildings. The District Valuer (DV) (IHTM23002) will report the value of the share having allowed for this so you should not accept any further discount. In Scotland there may be special difficulties in conveying jointly owned land. The DV will report the value of the share having allowed for the market’s view, and again you should not accept any further discount. This makes it imperative that the DV is given proper instructions (IHTM23206) when the papers are initially referred.