HMRC internal manual

Inheritance Tax Manual

IHTM21028 - Household goods and personal goods: types of asset: paintings

Where the IHT400 (IHTM10021) includes a collection of pictures or an individual picture or other item valued at a substantial figure that is not exempt you should refer this to Shares and Assets Valuation on form Val70(chattels) for advice on whether you need to raise any enquiries. You should ask the taxpayer or agent whether any sale of the item is planned before making the referral.

If it appears that a collection of pictures may have a substantial value but no professional valuation has been provided, or the only valuation is one giving an overall figure, you should ask the taxpayer or agent for a schedule of the main items.