Valuing jewellery and antiques for probate means finding each item's open market value: the price it would realistically fetch if sold on the open market at the date of death, not what it would cost to replace new. HMRC's guidance for form IHT407 asks executors to list items worth more than £1,500 individually, and to obtain a professional valuation for those items. Figures are current as at August 2026 and subject to change (gov.uk).
What does valuing jewellery and antiques for probate actually mean?
For probate, jewellery and antiques are valued at their open market value at the date of death: the price a willing buyer would pay a willing seller, with no special sale conditions. This is the same open market standard set out in section 160 of the Inheritance Tax Act 1984, and it applies to rings, watches, gold, silver, paintings, furniture and collectables alike.
Open market value usually reflects what an item would fetch at auction or in a sale to the trade, before any auctioneer's fees. It is typically lower than the retail or insurance figure. These items are "chattels", the legal term for movable personal possessions, and they form part of the estate for inheritance tax, so their combined value can affect whether tax is due (gov.uk, as at August 2026, subject to change).
Why can't you use the insurance valuation?
An insurance valuation almost always overstates an item for probate, because it measures replacement cost in a shop, not resale value. Using the insurance figure inflates the estate and can lead to inheritance tax being paid that was never actually due. HMRC wants the open market (resale) figure instead.
| Type of value | What it measures | Typical use |
|---|---|---|
| Insurance (replacement) value | Cost to buy an equivalent item new, at full retail | Home and jewellery insurance cover |
| Open market (probate) value | Realistic resale price at auction or to the trade on the date of death | Probate and inheritance tax (IHT407) |
A worked example shows why it matters. Suppose a diamond ring is insured for £4,500 but its open market value at the date of death is £2,800. Declaring the insurance figure overstates the estate by £1,700. If the estate is taxable, that single item could add up to £680 of inheritance tax at the standard 40% rate that was never owed (gov.uk, as at August 2026, subject to change). The gap can be wide: valuers often quote rings insured at £10,000 selling for £3,000 to £5,000 at auction.
Which items need a professional valuer, and which can you estimate?
You do not need a formal valuation for every teaspoon and trinket. The practical line most executors work to is £1,500 per item: below it, similar low-value pieces can usually be grouped and given a reasonable estimate; at or above it, an individual professional valuation is the safer route and is what IHT407 is built around.
| Item | Reasonable approach |
|---|---|
| Costume or fashion jewellery, low-value bric-a-brac | Group together and give one reasonable estimated figure as ordinary chattels |
| Everyday gold, silver or a single item likely under £1,500 | A supported estimate can be reasonable; keep a note of how you reached it |
| Fine jewellery, watches, or any single item likely £1,500 or more | Obtain a written professional valuation and list the item separately |
| Antiques (broadly 100 years old or more), fine art, collectables | Use a specialist valuer or auctioneer; historical and artistic value can exceed material value |
Do not throw anything away or assume it is worthless before it is checked. A missing hallmark does not mean an item has no value, and costume jewellery can occasionally include a piece worth far more than it looks.
If you are also handling other assets, our guides on valuing a share portfolio for probate and valuing land and property for probate follow the same open market principle.
How do you get a probate valuation of jewellery and antiques?
A probate valuation is a written assessment of each item's open market value at the date of death, produced by a suitably qualified valuer. The estate pays the fee, and it counts as a legitimate cost of administering the estate. The usual steps:
- Gather and photograph the items. Keep pieces together, note any receipts, certificates or old valuations, and do not clean or repair anything first, as that can change the value.
- Choose a qualified valuer. Look for a jeweller, auctioneer or valuer with relevant credentials, for example membership of the National Association of Jewellers, the Institute of Registered Valuers, or RICS for fine art and antiques.
- Ask for a probate (open market) basis in writing. Confirm the report states values as at the date of death on the open market basis, not insurance replacement, so it is accepted by HMRC.
- Check how the fee is charged. Valuers may charge per item (often around £25 to £250) or by the hour (commonly £250 to £500). Agree the basis before work starts, as costs for large collections add up.
- Keep the report with the estate papers. You will need the figures for form IHT407 and may need to produce the report if HMRC asks.
Fee ranges are indicative market figures observed in August 2026 and vary by valuer and location; confirm current fees directly.
How do you report jewellery and antiques to HMRC?
Household and personal goods, including jewellery, antiques, cars and boats, are reported to HMRC on form IHT407, which supports the main inheritance tax account. Each item worth more than £1,500 is listed separately, and a professional valuation is attached where one has been obtained (gov.uk, form IHT407, as at August 2026, subject to change).
Accuracy matters in both directions. HMRC can charge penalties of up to 100% of any additional tax due where inaccurate values are submitted carelessly or deliberately, so under-declaring is a real risk (gov.uk, as at August 2026, subject to change). Over-declaring is not penalised, but it can waste part of the estate's tax-free allowances and cause needless tax.
Those allowances give the figures their weight. The nil-rate band is £325,000 and the residence nil-rate band is up to £175,000, giving up to £500,000 for a single person leaving a home to descendants and up to £1,000,000 for a married couple or civil partners. Both are frozen until 5 April 2031 (gov.uk, as at August 2026, subject to change). A collection valued near a threshold can tip an estate into a tax charge, which is why the figures need to be right rather than guessed. Our guide to inheritance tax sets out how the bands combine.
Gifts made before death can matter too. A valuable item given away within seven years of death may still count toward the estate under the seven-year rule, with taper relief that reduces the tax, not the value, on gifts made three to seven years before death (gov.uk, as at August 2026, subject to change).
What people get wrong with probate valuations
Most probate valuation problems come from a handful of avoidable habits rather than genuinely difficult items. The common ones are reaching for the insurance certificate, valuing at the wrong date, guessing on pieces likely to exceed £1,500, disposing of items before they are assessed, and overlooking valuables given away within seven years of death. Each is easy to avoid once you know to look for it.
- Using the insurance certificate. The single most frequent error. It measures replacement cost, not resale, and inflates the estate.
- Valuing at the wrong date. Probate value is the open market value at the date of death, not today's market or the original purchase price.
- Guessing on high-value pieces. A rough estimate on a ring likely to exceed £1,500 invites an HMRC query; a written valuation avoids it.
- Disposing of items before valuing. Selling, cleaning or gifting a piece before it is assessed can lose evidence of its date-of-death value.
- Forgetting recent gifts. Valuables given away within seven years of death can still form part of the estate.
Frequently asked questions
Do you need a professional valuation of jewellery for probate?
Not for everything. Low-value and costume jewellery can usually be grouped and given a reasonable estimate. For any single item likely to be worth £1,500 or more, HMRC's guidance for form IHT407 points to a professional valuation, listed separately, and this is generally the safer route for fine jewellery, watches, antiques and fine art (gov.uk, as at August 2026, subject to change).
How much does a probate valuation of jewellery cost?
Fees vary by valuer and by how much there is to assess. As an indication in August 2026, per-item charges often run from around £25 to £250, and hourly rates commonly sit between £250 and £500. The cost is paid by the estate as a legitimate administration expense. Agree the basis of charging before work begins, as large collections add up.
What is the difference between insurance value and probate value?
Insurance value is the cost of replacing an item new at retail, which is what a policy needs. Probate value is the open market value: the realistic resale price at auction or to the trade at the date of death. Probate value is usually lower, and it is the figure HMRC requires. Using the insurance figure overstates the estate and can cause unnecessary inheritance tax.
Can you sell jewellery before probate is granted?
In many cases chattels such as jewellery can be sold before the grant, unlike land, which usually needs the grant to transfer. If you do sell, keep the sale records: a price achieved soon after death is often accepted as good evidence of the open market value at the date of death. Take advice first if the estate may be taxable or contentious.
Do you have to value costume jewellery for probate?
Costume and low-value jewellery does not usually need an individual valuation. It can be grouped together and given a single reasonable estimated figure as ordinary chattels. Do not discard anything before it is checked, though: a missing hallmark does not always mean low value, and the occasional piece is worth far more than it appears.
What happens if you get the valuation wrong?
An honest, well-supported estimate that later proves slightly off is generally accepted. Careless or deliberate under-valuing is different: HMRC can charge penalties of up to 100% of the additional tax due, on top of the tax itself (gov.uk, as at August 2026, subject to change). Over-valuing is not penalised but can waste allowances and cause needless tax, so accuracy in both directions is worth the effort.