IHTM21044 - Household goods and personal goods: valuation and technical issues: lifetime transfers
The main issue you need to consider in the case of a lifetime transfer (IHTM14000) of household goods is the loss to the estate principle (IHTM04054). The value of the gift is not necessarily the value of the item transferred if, for instance, the deceased gave away only part of something that was more valuable when complete. For example, Jessica has 2 Ming vases and gives one of them away during her lifetime. As the vases would be more valuable as a pair you should find out the value of the pair, at the date of gift and the value of just one individually. The difference between these two figures will be the loss to the estate and also the value of the gift.