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Inheritance tax - works of art
My mum sadly passed away in April and I am filling out the IHT forms as some will be due on the estate.
My mum was a very keen non-professional painter and had a lot of her own original paintings in her house. I think she did sell a few to friends many many years ago, as in decades ago, but we are planning to either keep them as keepsakes or give them away to friends and loved ones for free. Are we okay not to list a value for these? If we have to I wouldn't even know where to start, and she didn't have any other valuable belongings.
Comments
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Yes no problem, only if she had a few David Hockneys would you need to bother.
If you go down to the woods today you better not go alone.3 -
Generally personal chattels and possessions have a low value, perhaps £1-2k for the whole house, unless there are high value items.
Even a known professional painter's work might now be worth £150-200 for a decent water colour, perhaps twice/thrice the original purchase price. Unless your mother had professional standing, there's no point in increasing the estimate. Just enjoy them.
If you've have not made a mistake, you've made nothing4 -
Great thank you both
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