Valuing jewellery for probate

HMRC is clear in their guidance that jewellery and watches owned by the deceased, or that the deceased had an interest in, must be valued and included in the estate’s chattels, for Inheritance Tax calculations.

It is worth noting that a probate valuer’s valuation is likely to be different to an insurance valuation which is usually based on the ‘new for old’ replacement value.

Our expert jewellery valuer will examine your jewellery pieces in person, to examine them thoroughly and accurately value them.

Complying with HMRC stipulations, they review the value of the jewellery’s precious metals, its conditions and wear and tear, its quality and age, and current tastes and trends.

They base their valuation and assessment on the sum that they would expect the item to be sold for to trade or at auction.

Each piece that has been bequeathed in a will is valued and itemised separately.

However personal, even wedding rings and engagement rings, all items of jewellery  must be included in the probate valuation, for Inheritance Tax purposes.

You have the option to legitimately purchase jewellery from the estate, at the price ascertained by the valuer.