Controversial plans to increase the probate fees payable after death have been scrapped.
The Ministry of Justice announced earlier today that there simply isn’t enough time for the legislation to be passed through Parliament ahead of the snap General Election on 8th June.
Grant of probate is when authority is given to the executor of a Will to gather together and then distribute the property, finances and possessions of the deceased person. In England and Wales approximately half of all estates need to go through probate incurring a flat fee of £215, or £155 if using a solicitor.
The highly criticised new plans dubbed the “Stealth Death Tax” proposed a sliding fee scale dependent on the value of the estate. Estates valued at £50,000 and under would have been exempt from probate fees, those from £50,000 to £300,000 would have incurred a fee of £300 with this increasing to an eye watering £20,000 fee for estates valued at more than £2 million!
Whether or not the plans have been shelved for good is yet to be seen. It had been stated that the increase in revenue would go towards funding the courts and tribunal service however this will now be an issue for the next Government to decide.
If you need help obtaining a Grant of Probate or administering an Estate following the death of a loved one then contact Backhouse Solicitors today to book a FREE 30 minute consultation with one of our expert Probate solicitors.
The Backhouse Solicitors Team
Tel: 01245 893400