Government Confirms Probate Fees Hike
3rd March 2017
The UK government has confirmed large rises in probate fees and a move to a new tiered fee system, ignoring overwhelming opposition to the changes.
Fiona Graham, IFB Communications Director, said: “We are very disappointed that the Government has decided to press ahead with this large hike in probate fees, despite wide spread concern from family business owners, advisers and other professionals.
“The new fees do not reflect the cost of processing an application, and will particularly impact the estates of those who are shareholders in trading family businesses.”
The changes mean probate fees will increase from £215 (individual) and £155 (solicitor) to a tiered system which sees a top rate of fee of £20,000. The new fee structure, which will come into force in May, is:
|
Value of estate (before inheritance tax) |
Proposed Fee |
|
Up to £50,000 or exempt from requiring a grant of probate |
£0 |
|
Exceeds £50,000 but does not exceed £300,000 |
£300 |
|
Exceeds £300,000 but does not exceed £500,000 |
£1,000
|
|
Exceeds £500,000 but does not exceed £1m |
£4,000 |
|
Exceeds £1m but does not exceed £1.6m |
£8,000 |
|
Exceeds £1.6m but does not exceed £2m |
£12,000 |
|
Above £2m |
£20,000 |