Probate Fees Hike

8th November 2018

The government is to push ahead with plans to change the fees for applying for probate, which will see many executors faced with funding significantly higher fees in order to obtain probate to enable them to administer the estate. The changes, which are planned to come in from next April, will see the introduction of a banded system based on the value of the estate. Small estates of up to £50,000 will face no fees but those estates of over £2m will face a cost of £6,000 instead of the current modest fee of £215 (or £155 if the application is made by an solicitor or authorised accountant). The plans are subject to a period of consultation but are set to apply from 1st April 2019. The fees will need to be paid up front before the issue of the grant of probate – so executors will need to fund the payment themselves or arrange for banks to release funds in advance of the issue of the grant.

Full details of the proposed fees are as follows:

Size of Estate Fee
0 to £50,000 Nil
£50,000 to £300,000 £250
£300,000 to £500,000 £750
£500,000 to £1m £2,500
£1m to £1.6m £4,000
£1.6m to £2m £5,000
Above £2m £6,000


 
Other items in Blogs
 
Jaimie King
13th August 2019 Charity accounts assurance

Whether unincorporated, a charitable company or a CIO (charitable incorporated organisation), charities are required to have certain levels of assurance over their financial statements depending on their size. The limits are much smaller than companies, meaning that many charities require some sort of external scrutiny. The requirements by size are as follows: Income up to…

Read More »

Nick Edgley
24th July 2019 From April 2020 – 30-day Reporting and payment date on residential property disposals

From 6 April 2020 the Government is making some significant changes to the rules regarding the reporting and payment of Capital Gains Tax (CGT) when individuals, trustees and personal representatives dispose of residential property and it is important to be aware of these.   Currently such a disposal would be reportable on your tax return…

Read More »

Jodie Tarbin
23rd July 2019 Residential Property Tax News!

  Lettings Relief and Principal Private Residence Relief   Following my previous blog regarding the changes announced to the Principal Private Residence Relief (PPR) and lettings relief rules, the consultation period ended on 1 June 2019. You can view the consultation responses here.   HMRC have now published a policy paper on 11 July 2019,…

Read More »

Fiona Mann
22nd July 2019 Exam Success – World Beating Results!

  We’ve had some extraordinary exam results over the last few days – staff at Whiting & Partners have excelled themselves. Luke Bacon from St Ives office has achieved an outstanding result of 99% for the Financial Accounting and Reporting exam – coming joint first in the world.  This result has been recognised by the…

Read More »

Matilda Mawson
19th July 2019 Changes to Entrepreneurs Relief from 6 April 2019

Entrepreneurs’ relief allows a reduced rate of capital gains tax on disposals of all or part of your business assets. The reduced tax rate is 10% on up to £10 million of lifetime gains. There have been a number of significant changes to entrepreneurs’ relief in the last year, tightening the rules on qualifying conditions…

Read More »

Ernesta Petkeviciute
19th July 2019 New SRA accounting rules – what’s changing?

The current Accounts Rules are made up of over 40 detailed requirements, making it difficult for firms to fully understand what is required of them, as well as giving firms no flexibility to adapt them to their own practices and decide how best to look after client’s money.   The new rules coming into effect…

Read More »