Government U-turn No 2: No increase to probate fees
Theresa May and her government certainly like to be unpredictable. First we had the u-turn on NIC increases for the self employed. Then, we had the snap election called for 8th May. Now, the government’s plans to increase probate fees on higher value estates have been shelved.
According to the Ministry of Justice, this was more to do with it being impossible to introduce the increase before the election than a sudden change of heart, but nevertheless, it is positive news for high net worth taxpayers.
Under the original plans, obtaining a grant of probate could have cost up to £20,000 on some high value estates. This scheme was set to raise an extra £300m a year for the Treasury, which will now have to be sourced from elsewhere, unless these proposals are re-visited after the election by whomever gains power.
Obtaining a grant of probate, which is undertaken by the executor of a will or a person acting on their behalf, is a legal process and, if not undertaken by the executors, must be undertaken by someone with the appropriate qualifications. Not all estates need to go through probate, however about half of deaths result in an application for a grant of probate in England and Wales.
RJP LLP is licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales. We offer a full probate service for clients and to find out more please contact partners@rjp.co.uk. There are many benefits to asking your tax advisor to obtain grant of probate as we explain in our blog.
