Probate Valuer Qualifications: NAJ, IRV, RICS, Gem-A Explained

HMRC does not publish a list of approved valuers or mandate a specific qualification. The Inheritance Tax Manual states only that valuations must reflect Open Market Value as defined by section 160 IHTA 1984, and that HMRC "will usually be able to accept" valuations prepared by professionals on the correct basis.

In practice, the important questions are whether the valuer has demonstrable expertise in the relevant asset type and can produce a reasoned report supported by appropriate market evidence. Membership of bodies such as NAJ/IRV, RICS, Gem-A or SOFAA can help verify training or professional standards, but these are not HMRC approval badges.

A report with weak methodology or irrelevant expertise may lead HMRC to ask for more evidence or propose a different value. A well-supported professional report can help show that the personal representative took reasonable care, but it does not guarantee acceptance or remove the personal representative's responsibilities.

Different asset types require different specialist knowledge. The five bodies below are relevant to common probate asset categories, but HMRC does not designate them as an official or exhaustive approved list.

The National Association of Jewellers (NAJ), founded in 1887, is a UK trade association for the jewellery sector. It represents retailers, manufacturers, suppliers, designers and valuers whose membership is subject to its rules and code of conduct.

Within the NAJ, the Institute of Registered Valuers (IRV) is the specialist body for valuers of jewellery, watches, and silverware. Founded in 1987, the IRV has been the recognised UK authority for jewellery appraisal for nearly four decades. Entry to its Member and Fellow categories is strict: candidates must hold qualifications in valuation, gemmology, and diamond grading, and have at least five years' experience in the jewellery industry.

The first step toward IRV membership is the ATHE Level 3 JET Certificate in the Foundations of Appraisal Practice (FoAP), which is a prerequisite for full membership. All IRV Members and Fellows must commit to the IRV Code of Practice, undertake Continuing Professional Development, and pass a Professional Review every five years.

For jewellery, watches and silverware, IRV registration is a useful credential to verify. The IRV directory at naj.co.uk allows personal representatives to check registration, but an IRV report can still be reviewed by HMRC and is not automatically accepted.

The Royal Institution of Chartered Surveyors (RICS) is the global professional body for property and the built environment, with over 130,000 members and candidates across more than 140 countries. RICS sets qualifications, regulates members, and publishes the RICS Valuation — Global Standards (commonly known as the Red Book), which is the authoritative standard for valuations submitted to HMRC and other regulators.

RICS membership operates at three levels. AssocRICS is the entry-level associate qualification. MRICS (Member of the Royal Institution of Chartered Surveyors) is the standard professional grade, achieved by candidates who pass the Assessment of Professional Competence. FRICS (Fellow) is the senior grade, recognising substantial experience and contribution to the profession.

RICS regulates valuers across multiple specialisms. For probate, the most relevant are residential property surveyors (for valuing the deceased's home), commercial property valuers (for buy-to-let portfolios, business premises, and land), and Fine Art and Chattels valuers (a distinct specialism within RICS covering paintings, antiques, classic cars, and decorative arts).

A RICS Red Book report provides a recognised professional framework and supporting evidence for property valuation. The Valuation Office Agency can still review the figure and may request further evidence or negotiate a different value.

The Gemmological Association of Great Britain (Gem-A), founded in 1908, is the world's longest-established provider of gemmology education. Based at Ely Place in central London, it operates in over 26 countries with more than 40 teaching centres worldwide and publishes The Journal of Gemmology and Gems & Jewellery.

Gem-A awards two principal credentials. The Gemmology Diploma (post-nominal FGA — Fellow of the Gemmological Association) is the comprehensive qualification covering identification, grading, and valuation principles for all gem materials. The Diamond Diploma (post-nominal DGA — Diamond Member of the Gemmological Association) is the specialist qualification in diamond grading.

FGA and DGA credentials are particularly relevant where significant gemstone jewellery needs authentication, treatment detection or grading. They demonstrate gemmological expertise, while the valuer also needs suitable experience in the relevant Open Market Value market.

Many practising jewellery valuers combine IRV registration with Gem-A qualifications, bringing together valuation practice and gemmological knowledge.

The Society of Fine Art Auctioneers and Valuers (SOFAA), established in 1976, is the UK's sole professional organisation dedicated to fine art auctioneers and valuers. Membership comprises leading firms across London and the regions, specialising in the valuation and auction of antiques, fine art, jewellery, and other chattels.

SOFAA is not a regulatory body in the strict sense — it does not issue post-nominals to individual valuers — but membership signals that a firm meets the society's standards on best practice, money laundering compliance, and professional conduct. Many SOFAA member firms also hold RICS Fine Art and Chattels accreditations at the individual valuer level.

For probate purposes, SOFAA member firms are particularly useful where the estate contains a wide range of categories (paintings, furniture, ceramics, silver, jewellery, books) that benefit from a single integrated assessment by an auctioneer with cross-category expertise. Major regional auction houses such as Bonhams, Christie's, Dreweatts, Lyon & Turnbull, Tennants, and Woolley & Wallis are among the SOFAA membership.

A qualification by itself is not enough. The other essential safeguard for executors is professional indemnity insurance — a policy that covers the valuer if their valuation is later proven negligent or significantly incorrect.

Insurance requirements vary by profession, membership category and firm. Ask the valuer to confirm current cover and the insured services, limits, exclusions and claims route rather than assuming a credential automatically provides a particular policy.

Professional indemnity insurance does not automatically reimburse an estate merely because HMRC reaches a different value. A claim normally depends on proving a covered negligent act and is subject to the policy and the valuer's terms of engagement.

Ask a prospective valuer for any relevant professional membership details and confirmation of current professional indemnity insurance. Verify important credentials directly with the issuing body.

Relevant professional bodies maintain public directories or verification routes. Checking them is a useful due-diligence step alongside reviewing experience, methodology, terms and insurance.

A common executor mistake is assuming that any local jeweller can provide a valid probate valuation. They cannot — at least, not unless they hold the appropriate qualifications.

Many high-street jewellers offer insurance valuations based on replacement value rather than date-of-death Open Market Value. The difference varies by item, but using the wrong basis can materially overstate the estate and, where tax is due, the amount calculated from it.

The correct question to ask any jeweller is: "Are you an Institute of Registered Valuers member, and can you provide a probate valuation on Open Market Value basis with professional indemnity cover?" If the answer is no to any part, the executor should engage a qualified probate valuer instead.