Increase in Probate Fees
With all the news surrounding Brexit you may have not read that the government is proposing a new tiered system of probate fees in England and Wales, based on the value of the deceased’s estate, rather than the current flat fee of £215.
Presently an application fee of £215 is made payable to HM Courts and Tribunals Service on all estates over £5,000.
Under new rules proposed by the government, the system of probate fees would change, to one based on the value of the deceased’s estate. In Scotland, the equivalent Confirmation process continues with a flat rate fee for eligible estates (currently £225).
Estates worth more than £50,000 will face probate fees which rise as the value of the estate increases.
I/We believe this is an unfair form of tax for ordinary families. With the increase in house prices many estates will now be subject to the proposed increase in fees. The death of a loved one can be an expensive process as it is, with funeral costs to pay upfront prior to the estate being distributed. For families to have to pay this additional fee adds to their burden, both emotionally and financially. I/we would call for the Government to rethink these proposed probate fee increases.
To find out more about the increase in probate fees, and what inheritance tax your beneficiaries may be liable for, please contact us.