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HMRC internal manual

Inheritance Tax Manual

HM Revenue & Customs
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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 SAV 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.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)  

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.