Brexit delays for Probate Fee increases
To administer estates worth more than £5,000, families have to apply for a grant of probate. The probate fee structure was due to change on the 1st April 2019, but has been deferred as a result of the continuing Brexit negotiations.
The current probate fee structure was a flat fee of £215.
The revised structure is a sliding scale based on the value of the estate.
HMRC has announced that probate applications can be accepted before an inheritance tax account has been submitted. This would previously have had to be submitted to HMRC before the probate registry would accept the probate application. A note should be attached to applications to confirm the necessary inheritance tax forms will be submitted.
HMRC have confirmed the new probate fees system will apply 21 days after the Brexit motion is passed.
Careful planning can reduce any liability to Inheritance Tax; please get in touch if you would like to discuss the opportunities to do so.