To value jewellery and antiques for probate, you record what each item would fetch on the open market on the date of death, not what it would cost to replace or insure. Single pieces of jewellery worth £1,500 or more are listed individually on form IHT407, and for higher-value or uncertain items HMRC expects a professional valuation (gov.uk, form IHT407, as at August 2026, subject to change).
That open market basis is set out in law and applies to every asset in an estate, from a wedding ring to a painting or a longcase clock. This guide explains how to arrive at a defensible figure, when a professional valuer is worth using, and which forms record the value for HM Revenue & Customs. Figures are current as at August 2026 and are subject to change. It covers England and Wales, with a note on Scotland and Northern Ireland below. For the wider picture, see our guide to what probate is and how it works.
What "open market value" means for probate
Open market value is the price an asset might reasonably be expected to fetch if sold on the open market at the date of death, between a willing buyer and a willing seller. This is the statutory basis for valuing estate assets, set out in section 160 of the Inheritance Tax Act 1984 (legislation.gov.uk, section 160 IHTA 1984, as at August 2026, subject to change). It is often lower than an insurance or replacement valuation, because insurance figures reflect the cost of buying a new equivalent in a shop rather than what a second-hand item would sell for.
For probate, the date of death is the fixed valuation point. If an item is later sold for more or less, that later price does not change the probate figure, though a sale within a set period after death can sometimes allow a claim for relief on land or shares. For household goods, jewellery and antiques, the open market value at the date of death is what HMRC records (gov.uk, how to value an estate, as at August 2026, subject to change).
When you need a professional valuation
You do not need a professional valuation for ordinary household items you can estimate reliably yourself, such as everyday furniture or a used car with a clear second-hand price. For jewellery, antiques, works of art and other valuables, HMRC guidance is that where an item may be worth £1,500 or more, or where you are unsure of its value, you should obtain a professional valuation of the open market value at the date of death (gov.uk, form IHT407, as at August 2026, subject to change).
A professional valuation matters most where inheritance tax may be due, or where the estate is close to a tax threshold, because HMRC can and does query figures that look understated. Under-valuing goods can lead to additional tax, interest and, in some cases, penalties. Where an estate is comfortably within the tax-free thresholds and the items are modest, a careful, evidenced estimate may be enough. The standard rate of inheritance tax is 40%, charged only on the part of an estate above the available thresholds (gov.uk/inheritance-tax, as at August 2026, subject to change), so the stakes rise with the size of the estate.
For items of real value it is common to instruct an RICS Registered Valuer or a specialist arts and antiques valuer who works to a recognised professional standard, so that the figure is documented and defensible if questioned. You can also ask an auction house or specialist dealer for a written probate valuation on the open market basis.
| Situation | What is usually appropriate |
|---|---|
| Everyday furniture and domestic items | Your own reasonable estimate of resale value |
| A single jewellery item that may be worth £1,500 or more | List separately on IHT407; professional valuation advised |
| Antiques, fine art, collections or unusual pieces | Written valuation from a specialist or RICS Registered Valuer |
| Estate near or above the tax thresholds | Professional valuations for anything of real value |
Guidance drawn from gov.uk form IHT407 and gov.uk valuing an estate, as at August 2026, subject to change.
How to value jewellery for probate
Start by gathering the pieces together and separating the genuinely valuable from the ordinary. Rings, watches, loose stones, gold and items by named makers are the ones most likely to cross the £1,500 threshold and need listing individually on form IHT407 (gov.uk, form IHT407, as at August 2026, subject to change). Costume jewellery and low-value pieces can be grouped and entered as a single total.
What a valuer looks at
- Materials. The carat of gold or platinum, and the weight of precious metal, set a baseline value.
- Gemstones. Diamonds and coloured stones are assessed on size, cut, colour and clarity.
- Maker and hallmarks. Pieces by known houses or with clear hallmarks can carry a premium.
- Condition and age. Wear, damage and period all affect the open market figure.
Remember that an existing insurance valuation is not the probate figure. Insurance schedules reflect the retail replacement cost, which is often well above what an item would sell for second hand. For probate you need the open market value, which a valuer can provide as a separate figure.
How to value antiques and household goods
Antiques, furniture, ceramics, silver, clocks, books and collections are valued on the same open market basis. For a single item that may be worth £1,500 or more, list it separately with a short description and its value; lower-value household and personal goods can be entered as a combined total on the relevant box of form IHT407 (gov.uk, form IHT407, as at August 2026, subject to change). If goods were owned jointly with someone else, they are reported on a different schedule.
Where you can find genuine comparable sales, for example recent auction results for a similar piece, those can support a reasonable estimate. For anything rare, attributed to a particular maker or artist, or simply hard to place, a written valuation from a specialist gives you evidence and reduces the risk of a later challenge. Keep any valuation reports, receipts and photographs with your records, because the person applying for probate is legally responsible for the figures submitted.
Which HMRC forms record the value
How you report the values depends on whether the estate needs a full inheritance tax account. Many estates are "excepted estates" with no tax to pay and only limited information to report to HMRC; others need the full IHT400 account with supporting schedules such as IHT407 for household and personal goods (gov.uk, report the value of an estate, as at August 2026, subject to change).
| Form | What it is for |
|---|---|
| IHT400 | The full inheritance tax account, used where tax may be due or the estate is not excepted |
| IHT407 | Schedule for household and personal goods, including jewellery, antiques, cars and collections |
| IHT404 | Schedule for assets owned jointly with another person |
Source: gov.uk, form IHT407 and IHT400 guidance, as at August 2026, subject to change. Whether an estate is excepted depends on its value and make-up; see our inheritance tax guide for the thresholds.
Common mistakes to avoid
- Using the insurance value. This overstates the estate; probate needs the open market value.
- Guessing on valuable pieces. Items that may reach £1,500 or more are best valued by a specialist.
- Forgetting the date of death. The figure is fixed at that date, whatever an item sells for later.
- Overlooking jointly owned goods. These go on a separate schedule, not IHT407.
- Keeping no evidence. Retain valuations, photographs and comparables in case HMRC asks.
- Assets are valued at open market value on the date of death (legislation.gov.uk, s160 IHTA 1984).
- Single jewellery items worth £1,500 or more are listed individually on IHT407 (gov.uk).
- Standard inheritance tax rate is 40% above the available thresholds (gov.uk).
- Professional valuations are advised for high-value or uncertain items (gov.uk).
Scotland and Northern Ireland
This guide describes England and Wales. In Scotland the equivalent process is called confirmation rather than probate, though estate assets are still valued on the open market basis and inheritance tax is a UK-wide tax. Northern Ireland has its own probate system that is broadly similar to England and Wales. If an estate includes assets in more than one part of the UK, it can be worth taking local guidance (gov.uk, applying for probate, as at August 2026, subject to change).
Frequently asked questions
How do you value jewellery for probate?
You value jewellery at its open market value on the date of death, which is what it would sell for second hand rather than its insurance or replacement cost. Single items worth £1,500 or more are listed individually on form IHT407, and a professional valuation is advised for higher-value or uncertain pieces (gov.uk, form IHT407, as at August 2026, subject to change).
Do I need a professional valuation for antiques?
Not always. For ordinary household items a careful estimate of resale value is usually accepted, but for antiques, art and valuables that may be worth £1,500 or more, or where you are unsure, HMRC guidance is to obtain a professional valuation at the open market value (gov.uk, valuing an estate, as at August 2026, subject to change).
Is the probate value the same as the insurance value?
No. Insurance valuations reflect the retail cost of replacing an item, which is usually higher than the open market value used for probate. For probate you record what the item would fetch if sold on the open market at the date of death (legislation.gov.uk, section 160 IHTA 1984, as at August 2026, subject to change).
What is the £1,500 rule on form IHT407?
On form IHT407 you list any single item of jewellery, or other household or personal item, that is worth £1,500 or more separately, with a description and its open market value. Items worth less than that can be grouped and entered as a combined total (gov.uk, form IHT407, as at August 2026, subject to change).
What happens if HMRC thinks the valuation is too low?
HMRC can question figures that appear understated and may seek additional tax, interest and in some cases penalties. Keeping professional valuations, photographs and evidence of comparable sales helps support the figures you submit. The person applying for probate is responsible for the accuracy of the account (gov.uk, report the value of an estate, as at August 2026, subject to change).
Does jewellery count towards inheritance tax?
Yes. Jewellery, antiques and other personal possessions form part of the estate and count towards its total value, which is assessed against the available thresholds. Inheritance tax is charged at 40% only on the part of an estate above those thresholds (gov.uk/inheritance-tax, as at August 2026, subject to change).