Probate fees could rise by up to 920%

02nd March 2216

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.

For example:

  • £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"
 
If you’re looking for ways to reduce your Inheritance Tax bill and haven’t read our free guide, we believe this offers an excellent overview of the key considerations to Inheritance Tax planning. This guide has been written by award winning, independent chartered financial planners, The Private Office LLP, experts in Inheritance Tax planning.

When you have read the guide, we would be happy for you to call us on 0800 321 3581 with any queries – we are aware that a guide is generic and your circumstances specific and we would be pleased to help.

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