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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Household goods and personal goods: types of asset: aircraft, boats, ships and mobile homes

(This content has been withheld because of exemptions in the Freedom of Information Act 2000) ask the taxpayer to confirm the basis of valuation and to tell whether they intend to sell the item. When you have this information, you can decide whether to adopt

  • the sale price;
  • any formal valuation; or
  • any reasoned estimate of value.

If (This content has been withheld because of exemptions in the Freedom of Information Act 2000) you have positive grounds to suspect an undervaluation, you must refer to Shares and Assets Valuation for advice.

Risk have access to databases which can help when valuing these types of assets. Firstly, they can access the Shipping Registry, which holds details of owners of boats, the respective shares of owners and any mortgages charged against the boat. (This content has been withheld because of exemptions in the Freedom of Information Act 2000) .

Secondly, Risk can access the Civil Aviation Authority database, which contains information about the ownership of light aircraft, helicopters, microlights and hot air balloons.