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HMRC internal manual

Inheritance Tax Manual

Pre-owned assets: valuation

The approach for valuing assets for the purposes of the pre-owned assets charge is the same as the general rule for Inheritance Tax in IHTA84/S160 (IHTM09701). In other words it is the price that the asset might reasonably be expected to fetch if sold in the open market at that time, without any scope for a reduction on the ground that the whole of the asset is to be placed on the market at one and the same time, FA04/Sch15/Para15.