Inventory for Confirmation Scotland

Faith177

Sorry to be a pain again to the people on this board

Im in the process of applying for confirmation in Scotland but I don't know how I go about applying a value to items of furniture in my mums home. It was all standard cheap stuff from Argos/Ikea most of it nearly 10 years old and a lot of it went to charity as it wasn't really worth selling on ie it was warped or damaged. We have only kept about 9 pieces 2 sofas which were 7 years old and a bedroom set including a bookcase, 2 bedside tables, dressing table, ottoman which was about 15 years old and pine and lastly a nest of 3 tables and a cheap kitchen table and chairs which again were both about 7 years old.

I've read the guide but it just says include "all household and personal goods
such as furniture, pictures, china, jewellery, books,
stamp, coin and other collections, cars, boats,
caravans etc. The value shown should be the open
market value, that is, the price which the items
would fetch if they were sold on the open market;
this might be at auction or through the local paper." I cleared over 20 books of 20kgs worth of books from the property most of them were £2 Works specials if even that

I don't want to get this wrong but I don't know where I go to get started. Feel like giving up already

g6jns_2

Faith177 wrote: »

Sorry to be a pain again to the people on this board

Im in the process of applying for confirmation in Scotland but I don't know how I go about applying a value to items of furniture in my mums home. It was all standard cheap stuff from Argos/Ikea most of it nearly 10 years old and a lot of it went to charity as it wasn't really worth selling on ie it was warped or damaged. We have only kept about 9 pieces 2 sofas which were 7 years old and a bedroom set including a bookcase, 2 bedside tables, dressing table, ottoman which was about 15 years old and pine and lastly a nest of 3 tables and a cheap kitchen table and chairs which again were both about 7 years old.

I've read the guide but it just says include "all household and personal goods
such as furniture, pictures, china, jewellery, books,
stamp, coin and other collections, cars, boats,
caravans etc. The value shown should be the open
market value, that is, the price which the items
would fetch if they were sold on the open market;
this might be at auction or through the local paper." I cleared over 20 books of 20kgs worth of books from the property most of them were £2 Works specials if even that

I don't want to get this wrong but I don't know where I go to get started. Feel like giving up already

Unless the estate is going to be near or above the IHT threshold then just put in nominal amounts.

Faith177

g6jns wrote: »

Unless the estate is going to be near or above the IHT threshold then just put in nominal amounts.

I don't think it's going to be anywhere near it tbh

So for example 1 x bookcase £5 1 x dvd rack £2 that sort of thing? What about the books I brought about 13 boxes home with me and there must have been about 200 out of them?

Sorry I must seem so thick here and I thank you for your help

Keep_pedalling

It sounds like you don't have any items of any value in that lot, so you don't need to itemise it all just put a nominal value on the whole lot of say £500.

Faith177

Keep_pedalling wrote: »

It sounds like you don't have any items of any value in that lot, so you don't need to itemise it all just put a nominal value on the whole lot of say £500.

Ok great I'm just worried their not going to believe me. My mum was on her own had a lot of "stuff" but nothing of real value she lived with in her means and would only replace something when it really needed it.

How do I prove she had nothing of value if they query it? I know I'm probably over thinking it but it just all seems so pointless as nothing was worth selling on and most of it has been kept by me and my brother and that is mainly books CDs and DVDs oh yeah about 7 bags of cuddly toys lol

Errata

Just put 'household goods of no commercial value'. It's unlikely to be queried but if it is itemise everything and look at prices on ebay.

Keep_pedalling

Faith177 wrote: »

Ok great I'm just worried their not going to believe me. My mum was on her own had a lot of "stuff" but nothing of real value she lived with in her means and would only replace something when it really needed it.

How do I prove she had nothing of value if they query it? I know I'm probably over thinking it but it just all seems so pointless as nothing was worth selling on and most of it has been kept by me and my brother and that is mainly books CDs and DVDs oh yeah about 7 bags of cuddly toys lol

It is extremely unlikely that it will be queried, especially if the estate is well under the threshold. If you have kept most of it then you can show them, and get receipts for any stuff you sell.

Tuesday_Tenor

Faith177 wrote: »

I know I'm probably over thinking it but it just all seems so pointless as nothing was worth selling on

Yes, you ARE over-thinking it.

These things only become relevant if the estate is in the Inheritance Tax league.

To me it sounds like the stuff IS pretty worthless, and £500 might be an over-estimate. But you'd probably feel happier putting an over-estimate rather than an under-estimate, so I'd go with the £500 figure.

Mojisola

Tuesday_Tenor wrote: »

Yes, you ARE over-thinking it.

These things only become relevant if the estate is in the Inheritance Tax league.

To me it sounds like the stuff IS pretty worthless, and £500 might be an over-estimate. But you'd probably feel happier putting an over-estimate rather than an under-estimate, so I'd go with the £500 figure.

I agree with this. Even originally very expensive, good quality second-hand furniture and household stuff is practically worthless. It would only be if you had serious antiques to get valued that you'd have to list individual items.

I can't see £500 being queried.

G6JNS

Mojisola wrote: »

I agree with this. Even originally very expensive, good quality second-hand furniture and household stuff is practically worthless. It would only be if you had serious antiques to get valued that you'd have to list individual items.

I can't see £500 being queried.

Good quality secondhand furniture such as, for example Ercol, are emphatically not worthless whereas modern flatpack is only worth a few pounds.. Certainly the secondhand prices for Ercol, and similar quality don't fully reflect the orignal price but if the are in good condition they regularly fetch hundreds of pounds.

Faith177

Thank you all so much for your comments I feel a lot happier now.

It just seems such a complicated process for such a small estate lol

It's just the fear of it being the HMRC that's making me panic