Form IHT407 is a schedule to the main Inheritance Tax return (IHT400), used to detail all the household and personal belongings of the deceased – from furniture and appliances to jewellery, collections, and vehicles. If you’re an executor dealing with probate in England or Wales, you’ll likely need to fill in this form.
This guide explains what HMRC expects and how to value each section step by step.
What HMRC Expects on Form IHT407: Valuing Personal Possessions for Probate
HMRC expects you to report all the deceased’s personal goods on Form IHT407. That means everything they owned for personal use – from furniture to vehicles and collectibles. Each item (or group of items) must be given its open market value at the date of death.
In short, that’s what the item would sell for in its current condition at that time, not its original purchase price or any sentimental or insurance value, but a realistic second-hand price.
You don’t need professional appraisals for every single item, but your figures should be realistic and based on evidence. HMRC expects open market values, and if your estimates are sensible and complete, they’re usually accepted without question.
That said, we’ve seen just how easy it is to get this wrong. In a 2025 survey we conducted at Swift Values, 80% of people overestimated the value of household items for probate, particularly jewellery, antiques, and furniture. Since inheritance tax is calculated on the values you declare, even modest overvaluations can result in families paying significantly more tax than necessary.
How to Value Jewellery for Probate (Form IHT407)
List all the jewellery the person owned. You can group together low-value costume jewellery as a single line (e.g. “Costume jewellery, assorted items”). However, HMRC expects any valuable items to be listed separately – particularly anything worth over £1,500.
The key is to give an accurate open market value as of the date of death. This is the amount the item could reasonably fetch if sol, not the purchase price, not the insurance figure, and not the sentimental value.
Our survey showed just how easy it is to get this wrong. When participants were asked to guess the probate value of a diamond ring with an insurance value of £6,250, 90% overestimated, placing it between £4,000 and £6,500. In reality, the open market value for probate was closer to £1,250.
“People are often surprised by how much lower probate values are compared to what an item is insured for,” says Mark Littler, founder of Swift Values. “That’s because HMRC expects an auction-level sale price, not what it would cost to replace. Most jewellery sells for a fraction of its retail or insurance value.”
If you’re confident the items are relatively modest, you can look up similar examples on the-saleroom.com, eBay, or auction house archives to guide your estimates. But if there’s any uncertainty, especially with pieces that may contain gold, diamonds, or watches from brands like Rolex or Omega, it’s a good idea to get a professional opinion.
Swift Values offers an online jewellery valuation service for £25 per item or small group of items. This is usually enough to support your IHT407 entry and gives peace of mind that you’re not guessing. For high-end or rare pieces, an in-person appraisal may be appropriate.
Whatever method you choose, always base your figures on sale price, not insured value. That’s what HMRC will expect.
Valuing Cars, Boats and Motorbikes for Probate (Form IHT407)
Include any vehicles the deceased owned – cars, motorbikes, boats, etc. – and list each with its value. Cars can be valued easily using online tools or price guides. A quick method is to get a free quote from a site like We Buy Any Car or ask a local dealer for an estimate.
The value should reflect a fair second-hand price at the date of death. (It will likely be much lower than what the car cost new, which is normal.) For less common assets like boats or vintage vehicles, you might need a specialist valuation. Swift Values can connect you with expert valuers for unusual items if needed.
As long as your vehicle values are realistic, HMRC will be satisfied.
How to List Antiques and Collections on Form IHT407 for Probate
Antiques, artwork, and collections should be handled separately from ordinary household goods. If the deceased owned any item or set of items that might be worth over £1,500, you should list it individually on Form IHT407 with a suitable open-market value.
The form itself instructs you to list “antiques,” but this can be confusing. Legally, an antique is often defined as anything over 100 years old. which could include common items like a Victorian book, chair, or side table. However, through our discussions with HMRC, it’s clear that this isn’t what they’re expecting in practice.
Their position aligns with their guidance on jewellery: you should only list antiques individually if they are likely to be worth over £1,500. Everyday older items that happen to be over 100 years old but hold little resale value (e.g. low-value furniture or books) can be grouped with general household contents.
Valuing unique pieces can be tricky, so if you’re unsure whether something crosses that £1,500 threshold, it’s wise to get a professional opinion. An auction house or specialist dealer can often appraise an item from photos. At Swift Values, we offer online probate valuations for antiques starting at just £25. Because HMRC tends to scrutinise high-value personal items, it’s worth taking the time to get these figures right.
What Are Household Goods Worth for Probate? Avoiding Common Valuation Mistakes
This section causes the most confusion, and it’s easy to see why. Many people assume well-kept or expensive-looking furniture must be worth a lot. But HMRC only wants to know what it could reasonably sell for second-hand, as of the date of death.
A six-month-old John Lewis sofa that originally cost over £1,000 might only be worth £100 on the second-hand market. It doesn’t matter if it’s spotless or barely used. Similarly, even a quality Bosch washing machine may have a resale value of just £0–£50 depending on age and demand.
“We regularly see families overvalue household contents by thousands,” says Littler. “The reality is, once you take condition, age, and resale demand into account, most items don’t hold much market value.”
For Form IHT407, you don’t need to list every item of furniture. HMRC allows you to group most contents under a single total figure (e.g. “General household contents – estimated value: £2,000”). Just make sure this estimate is realistic.
Final Tips
- Make an inventory: List the notable items (with their values) and gather any paperwork (receipts, insurance schedules) for valuable pieces to support your figures.
- Use real-world prices: Base your valuations on what someone would actually pay for each item today, not what it cost new or what it’s insured for. It’s better to slightly underestimate with true market values than to overestimate with guesswork.
- Ask for help if needed: If you’re unsure about a value or how to handle something, get advice from a professional valuer.
In summary, your job is to report fair open-market values for everything the person owned. If you do that diligently, you’ve fulfilled your duty and HMRC should be satisfied. You can find Form IHT407 on GOV.UK. And remember, if it gets overwhelming, professional services like Swift Values can assist. With a bit of care, you can complete Form IHT407 without losing your mind.