Death tax returns
A week after the Autumn Budget, the UK government reintroduced proposals to fund the court service by charging higher probate fees. The headline charges are less onerous than those proposed last year. However, for an estate of £300,001 – £500,000, the fee will rise to £750 representing an increase of 249%. For a £1m estate, the fee will rise to £4,000 representing an increase of 1760%.
According to 2014/15 figures, 261,500 estates went to probate, of which only 35,000 were under £50,000. This indicates that 85% of estates, where probate applies, will therefore see an increase in fees if past probate figures are maintained.
For more information on probate matters, please contact Nicole Gallop Mildon on 020 3794 5959.