Significant Increase in Probate fees from May 2017
March 30, 2017
The Ministry of Justice is making a significant overhaul to probate charges which many people will not notice until they are dealing with the death of a loved one. The overhaul is leading to huge increases in probate fees. Probate fees are usually payable by the deceased's executors or administrators when a probate application is sent to the probate registry. The current probate fee is £215.00 for an estate over £5,000.00 or £155.00 for those applying through a solicitor. (There is currently no fee at all if the estate is less than £5,000.00). Issuing a grant of probate is largely an administrative function so the fees have always been relatively low. Under the new scheme, estates worth under £50,000.00 will pay nothing but those worth more than £2,000,000.00 could pay as much as £20,000.00. These fees will be in addition to any inheritance tax currently levied at 40% of an individual’s assets above the £325,000.00 personal threshold. These fee increases will adversely and disproportionally affect estates in London and the South East as property prices mean many estates will come into the £500,000 plus brackets.
|Value of the estate (before inheritance tax)||Proportion of all estates in England & Wales||Proposed fee|
|Up to £50,000 or exempt from requiring a grant of probate||58%||£0|
|£1m - £1.6m||1%||£8,0000|
|£1.6m - £2m||0.3%||£12,000|
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