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Last call before latest death tax introduced | Pepperells

Last call before latest death tax introduced

Last call before latest death tax introduced

From the beginning of next month new probate fees of up to £20,000 will be brought in – many are rightly labelling it another “death tax”.

Currently, the Probate Registry charges £215 to friends and family or £155 if applied for through a solicitor – this will increase, on a sliding scale, based upon the value of the estate. The fees will range from £300 up to £20,000. 

It will affect all estates worth more than £50,000 which need a Grant of Probate or Grant of Letters of Administration/Representation to obtain the release of any assets.

In estates where there are properties or investment products – including stocks and shares – which will be sold or transferred, then a grant will always be required.

And, in estates where there are insurance policies or bank accounts holding a value of more than around £5,000 it is highly likely a grant will be required, though the amount banks and building societies will release without a grant do differ between organisations.

Importantly, where a grant is required, you will not be able to access the assets in question until it has been obtained.

While any estate worth less than the £50,000 mark will not be subject to any charge, it is unlikely any modern estate requiring either type of grant will come in below the threshold, particularly if there is a property.

The vast majority of estates will be liable for a significantly higher fee as of next month, which is on top of any inheritance tax.

While the legal profession has strongly opposed these prices rises, nevertheless the government plan to introduce them imminently. 

If you have recently suffered the loss of a loved one and suspect that a grant may be needed in order to administer the estate, please get in touch as we still have time to obtain a Grant before the price rises are introduced.  

The new fees:

Value of Estate

Fee payable

0 – £50,000

Nil

£50,001 – £300,000

£300

£300,001 – £500,000

£1000

£500,001 – £1,000,000

£4000

£1,000,001 – £1,600,000

£8000

£1,600,000 – £2,000,000

£12,000

£2,000,001 or more

£20,000

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