Are you a new business? Or an existing business interested in our services?Get a quote
The government has unveiled significant changes to probate fees, which could result in owners of high-value properties paying nearly £6,000 more.
As part of the government’s plans, from April 2019 a banded system of probate fees will be introduced for estates with a value above £50,000. The government stated that, by increasing the estate value threshold from £5,000 to this figure, around 25,000 UK estates ‘will be lifted out of fees altogether’.
Meanwhile, 80% of estates that are affected will pay ‘£750 or less’, according to the government.
However, if an estate’s value exceeds £1 million, individuals are set to experience a significant rise in probate fees. Around 280,000 estates will be liable to the higher fees, according to experts.
‘This new banded fee model represents a fair and more progressive way to pay for probate services compared to the current flat fee, and reflects our commitment to protecting access to justice by ensuring we have a properly funded and resourced courts system,’ said Parliamentary Under Secretary of State, Lucy Frazer QC.
‘We are also confident these fees will never be unaffordable. The cost of the fee is recoverable from the estate and executors have several options to fund it.’
Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.Contact