Probate Fees Increase Proposal – What You Need To Know
As it stands, obtaining a grant of probate will set you back a fixed fee of £155. This is all set to change as the government looks to introduce a banded fee scale based on the value of the estate, but capped at £20,000. The fundamental reasoning behind the proposals is to increase the funding available to the courts, which in turn will allow them to renovate the service.
The proposed fee scale is as follows:
|Value of Estate*||Existing Fee||Proposed Fee|
|Below £50,000 or exempt||£155||£0|
|£50,000 – £300,000||£155||£300|
|£300,000 – £500,000||£155||£1,000|
|500,000 – £1m||£155||£4,000|
|£1m – £1.6m||£155||£8,000|
|£1.6m – £2m||£155||£12,000|
*before Inheritance Tax
A potentially beneficial aspect of the proposal is that the threshold below which no fee is payable has been increased from £5,000 to £50,000. This has been criticised as having little practical relevance since it is unlikely that grants will be required for such low value estates. However, we think it is an improvement from the current position.
The proposals are set to be implemented from April 2019. If you require our assistance in obtaining a grant, and would like to submit the application before the changes come into effect, please contact us on 01282 422 711 or email email@example.com.