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HMRC internal manual

Inheritance Tax Manual

Foreign property: valuation of assets: foreign bank accounts, debts, household and personal goods

Where the value of a bank account is given in foreign currency SAV (F) will simply need to convert the value into Sterling in most cases. You should give them instructions on form 516 (F) (IHTM18080). SAV (F) do not need to see the file.

SAV (F) also deal with less straightforward items, for example, foreign debts included at less than face value.

You should instruct SAV (F) by sending them a memo telling them what you want valued and the relevant date. You should include all relevant information and send copies of any correspondence about the item.

Foreign household and personal goods (IHTM21000) must be valued in the same way as UK assets.

Situs

Assets that are on display at a museum may not be counted as in the UK at the relevant time. In such a case the item may not be taxable in the UK (IHTM27075), depending on the domicile of the taxpayer