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Inheritance tax is charged by reference to the value transferred by a chargeable transfer (IHTM04021). »Ê¹ÚÌåÓýapp way that we go about valuing assets is therefore fundamental to the charge. »Ê¹ÚÌåÓýapp general rule is that the value of any asset is its ‘open market valueâ€� (IHTM09703). However, some specific assets (IHTM09702) need special attention and the IHT legislation, as interpreted by case law, contains other rules that tell you

• when you should value items separately (IHTM09715) and when you should bring assets together (IHTM09712) for valuation purposes
• what to do if there is property (IHTM04030) in the deceased’s or transferor’s estate that is related to property (IHTM09731) in a spouse’s/civil partners (IHTM11032) estate or the property of a charity, and
• how to value assets when there are restrictions on the freedom to dispose (IHTM09771) of property.

One of the most important features of IHT is the ‘estate� (IHTM04029) concept, which means that we must bring together (IHTM09712) different parts of the same property owned by different parts of an estate.