OBJECTIVES:  Previous research has shown the impact of chronic heart failure (CHF) on health-related quality of life (HRQL).  Less is known regarding the impact of reduced ejection fraction (HFrEF) on HRQL.  The aim of this study was to elicit utility values for CHF with HFrEF or preserved ejection fraction (HFpEF) by New York Heart Association (NYHA) classification system in the UK.  In addition, utility values for events such as stroke, myocardial infarction (MI) and chronic kidney disease (CKD) were estimated. METHODS: Health states were developed from concept elicitation interviews with CHF patients (N=10) and cardiologists (N=5).  Draft health states were validated in cognitive debrief interviews with different patients (N=5) and cardiologists (N=4) and finalised with scientific input from experts. The resulting health states (n = 10) were piloted with general public to check understanding.  General public participants (n=100) completed background questions and rated each state using visual analogue scale and time trade-off (TTO) assessments (with lead time method for states worse than dead).  RESULTS:  The mean TTO utility for HF-rEF ranged between 0.86 (SD=0.19) (NYHA class II); 0.60 (SD=0.23) (NYHA III) to 0.28 (SD=0.41) (NYHA IV).  Equivalent values for HF-pEF were 0.83 (SD=0.24) (NYHA II); 0.55 (SD=0.28) (NYHA III) to 0.27 (SD=0.35) (class IV) respectively.  Other values were post hospitalisation after stroke (mean=0.30, SD=0.43); post MI (mean=0.45, SD=0.37) and CKD (mean=0.78, SD=0.21). Post-hospitalisation states captured a period of upto three months after the event. CONCLUSIONS: This study shows the effect that NYHA class has on HRQL for people with CHF in the UK.  The findings showed that HFrEF and HFpEF were very similar. Participants considered events such as recovery from stroke to have significant impact on HRQL. These are important data to consider in evaluating outcomes of treatments and should be reflected in cost effectiveness models in CHF where relevant.