New proposals set out by the Government could see bereaved families face fee increases of up to 920% according to the Daily Mail.
Under new proposals, families with large estates will suffer increased costs following the death of a loved one. Current rules charge probate fees of £215 for individuals with estates worth more than £5,000. New rules would see no charges up to £50,000, but amounts over will increase depending on the size of the estate.
- £300 would be paid on estates worth £50,000 up to £300,000
- £1,000 for estates worth £300,000 up to £500,000
- £4,000 for estates worth £500,000 up to £1million
- £8,000 for estates worth £1million up to £1.6 million
- £12,000 for estates worth £1.6 million up to £2 million
- £20,000 for estates worth more than £2 million
Stuart Phillips, CEO at The Private Office says “It is effectively an additional inheritance tax on middle class families. This is a sneaky way of increasing inheritance tax through the back door. These levels are over and above a fair rise – my breath is taken away by how large they are. Once you consider that people have to pay legal fees and inheritance tax, it seems incredibly mean-spirited to charge these levels of fees"
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