Probate Fees – On The Rise In May

Last year the Government issued a consultation paper proposing substantial increases in the fees paid to the Probate Registries across the country before a grant of probate or letters of administration can be obtained.

Probate Fee Increase, 2017

There was a consultation exercise.  An overwhelming majority of the respondents were against the proposal.  It is another disguised tax.  But no surprise – the proposal is going ahead with no changes.  Here is the table.

 

Value of Estate

(before inheritance tax)

Proportion of all estates in England and Wales Proposed fee
Up to £50,000 or exempt from requiring a grant of probate 58% £0
Exceeds £50,000 but does not exceed £300,000 23% £300
Exceeds £300,000 but does not exceed £500,000 11% £1000
Exceeds £500,000 but does not exceed £1m 6% £4000
Exceeds £1m but does not exceed £1.6m 1% £8000
Exceeds £1.6m but does not exceed £2m 0.3% £12000
Above 2m 0.5% £20000

 

Those particularly hard hit will be estates in London and the South East where nearly all the value is in the house and there is little cash to fund these substantial fees.  In recent years banks have been particularly unhelpful in providing temporary loans to executors.   We shall have to see whether this is likely to change.

Get Expert Probate Advice

The fees are expected to come into force in May so expect a rush of probate applications.

For further information, please call us on 08450347344 or contact us online.

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