Charity bags of clothes ? value

mothballs39

Hi, I'm on to the final IHT400 schedule!! :j

How do you value bags of clothes put into charity sacks for roadside collections? Is there a "going rate" lol?

Also, do I include these bags in the "possessions given to charity" schedule, or just the furniture that I will receive a receipt for?

Many thanks

wwl

No significant value, so zero.

mothballs39

oh, thank you. What constitutes "significant" ... just when I thought I had everything finalised lol.

TBagpuss

Unless you are getting rid of wardrobes full of designer clothes or similar I would not include them at all.

If you feel that you shoudl, put them in the 'stuff to charity section' as "bags of old clothes - value £0"

getmore4less

If you give to charity it gets an exemption so unless you are trying to get the reduced rate IHT the forgetting it route is a sensible approach.

mothballs39

Ah ok. I thought it might look odd if I don't itemise everything (in case they ask to see specific lists etc.). Maybe I'm overthinking it :rotfl:

Yorkshireman99

mothballs39 wrote: »

Ah ok. I thought it might look odd if I don't itemise everything (in case they ask to see specific lists etc.). Maybe I'm overthinking it :rotfl:

Realistically no IHT return is ever accurate to within more than a few pounds because it is so difficult to be precise. Just put nil.

troubleinparadise

Because I had done the IHT400 completion myself (which included overseas assets etc), I asked HMRC to check it (there's a tick box for it!)

I had a qualified surveyor to do the house and contents valuation, but he did not include clothing. And whilst HMRC did verify the house valuation, there was never a mention of clothing values....

I really don't think you need to include those, unless the person had a fabulous collection.

TheBanker

If you do want to include them, I think the cash for clothes type places pay something like 50p per bag. But as others have said, not really worth counting them at all (we didn't for Dad).

mothballs39

Thanks everyone!