But a spokesman for HMRC said all personal possessions left when someone dies are valued to determine the overall burden of inheritance tax. IHT on possessions other than property is payable at the end of the sixth month after death, but where beneficiaries have indicated that they want to donate items to the nation they are given a tax credit for the initial valuation, which can be adjusted through a rebate or payment if the Arts Council’s experts later give a different valuation.