Probate Fees to rise substantially
6 November 2018
Costs of rising probate fees outlined
|Value of estate
(before inheritance tax)
|Up to £50,000 or exempt from requiring a grant of probate||£0|
|£50,000 - £300,000||£250|
|£300,000 - £500,000||£750|
|£500,000 - £1m||£2,500|
|£1m - £1.6m||£4,000|
|£1.6m - £2m||£5,000|
Although introduced as a fair and more progressive way to pay for probate services rather than a fixed fee and advertised as a service fee to obtain probate many will regard this as essentially a stealth tax. There is no more work involved issuing a Grant of Probate in a large estate than in a small estate. The hike in fees will, we fear, only encourage some to transfer assets into joint names or into trust or even give assets away to avoid or reduce the Probate court fee thus raising the potential for financial abuse. Charities which rely on legacy gifts to fund their efforts will be affected adversely as they will inevitably lose legacy income by paying the higher fees.
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