IHTM21022 - Household goods and personal goods: types of asset: aircraft, boats, ships and mobile homes
If worthwhile ask the taxpayer to confirm the basis of valuation and to tell whether they intend to sell the item. When you have this information, you can decide whether to adopt
- the sale price;
- any formal valuation; or
- any reasoned estimate of value.
If you need advice to confirm the value returned is the open market value, you should ask Shares and Assets Valuation to review the information provided.
Risk have access to databases which can help when valuing these types of assets. Firstly, they can access the Shipping Registry, which holds details of owners of boats, the respective shares of owners and any mortgages charged against the boat.
Secondly, Risk can access the Civil Aviation Authority database, which contains information about the ownership of light aircraft, helicopters, microlights and hot air balloons.