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Jameo-
relevant, surely? If you are passing on less than [£1 mm] of primary resi property it's IHT exempt anyway so the valuation doesn't matter. I was envisaging the scenario where your agent says it's worth 2, you pay tax on 2 but when you go and test the market it was only worth 1.8 so you paid too much tax.
I would guess high-value London property now funds the bulk of IHT receipts for this reason.
NickCJ
If the valuation is way overstated you might end up paying too much IHT, but I think these days the thresholds are sufficiently high that it doesn't affect most estates.