Definition of collectables and personal use assets for valuation.

Collectables and personal use assets are:

• Artwork – including paintings, sculptures, drawings, engravings and photographs
• jewellery
• antiques
• artefacts
• coins, medallions or bank notes – coins and banknotes are collectables if their value exceeds their face value
  bullion coins are collectables if their value exceeds their face value and they are traded at a price above the spot price of their metal content
• postage stamps or first-day covers
• rare folios, manuscripts or books
• memorabilia
• wine or spirits
• motor vehicles and motorcycles
• recreational boats
• memberships of sporting or social clubs.

Definition of private residence

A private residence includes all parts of a private dwelling (above or below ground), the land on which the private residence is situated and all other buildings on that land, such as garages or sheds.

Valuation

A qualified independent valuer will be qualified either through holding formal valuation qualifications or by being considered to have specific knowledge, experience and judgment by their particular professional community.

A valuer is independent if they are independent of the interests of the fund. This means that the valuer should not be a member of the fund or a related party of the fund (for example, an investment partner).