Update – Probate fee increase
April 2017 No: 3
Plans to increase the current probate fee of £155 (if applied for through a solicitor) by thousands of pounds have been axed.
In a dramatic U-turn, the Prime Minister cleared the decks for the election by abandoning plans for a huge rise in probate charges that had infuriated MPs and risked being a major campaign issue saying there was too little parliamentary time before the election to push it through.
The move, which would have taken fees from just £155 to as much to £20,000 depending on the size of the estate, was announced in the budget last month. The Treasury stood to gain an extra £1.5billion.
It is not clear at present if the proposed increase has simply been put to one side temporarily or has been discarded in its entirety, we shall wait and see.
If you have any queries about estate planning, please feel free to contact Kirsten Bradley on 01772 881000.