The government is to press ahead with plans to substantially increase probate fees. Currently there is a flat fee of £215 if making a personal application or £155 if applying for a grant of probate through a solicitor. However, this will be replaced by a sliding scale of fees depending upon the value of the estate. The fees will range from £250 to £6,000. The maximum fee is payable for estates worth over £2 million and estates worth less than £50,000 will be exempt.
The plans are now awaiting final approval by House of Commons. However, the move could be overturned if an MP were to issue a formal protest. Should no such objection be raised then the changes to the fees will come into force in April 2019.
If you wish to discuss this or any tax and asset planning issues please contact a member of the Private Client Team on 0207 485 8811 or fill in an online enquiry form.
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