20.02.18

Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard … Find out more »

15.02.18

Chancellor commissions OTS to review inheritance tax rules

Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s inheritance tax (IHT) regime, and outline ways in which the tax can be simplified. In a letter to Angela Knight, Chair of the OTS, and … Find out more »

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Bank’s Executor Fees

Did you know that you (as a beneficiary) can ask a bank to stand down from acting as Executor to a will if it is felt that the fees are too high?

Banks can demand very high fees for executing wills and we believe that these charges are not in line with the amount of work involved in winding up an estate. Banks will charge a percentage of the estate and this could be between £5,250 and £18,000 for an estate worth as little as £350,000.

HSBC used to be the only bank that did agree to stand down if fees were too high but others questioned in a Which survey last year said they could be flexible and reduce fees if appropriate. They do charge a fee for this of around £100 – £250 plus VAT.

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